Validus 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	VALIDUS HOLDINGS LTD
Entity Central Index Key	1,348,259
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		81,923,744

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015		Dec. 31, 2014
Assets
Fixed maturities, at fair value (amortized cost: 2015—$5,581,846; 2014—$5,534,494)	$ 5,578,856		$ 5,532,731
Short-term investments, at fair value (amortized cost: 2015—$1,661,705; 2014—$1,051,222)	1,661,687	[1]	1,051,074	[2]
Other investments, at fair value (cost: 2015—$864,651; 2014—$879,176)	817,374		813,011
Cash and cash equivalents	408,485		577,240
Restricted cash	74,002		173,003
Total investments and cash	8,540,404		8,147,059
Investments in affiliates	347,962		261,483
Premiums receivable	1,062,654		707,647
Deferred acquisition costs	225,065		161,295
Prepaid reinsurance premiums	125,547		81,983
Securities lending collateral	6,461		470
Loss reserves recoverable	385,212		377,466
Paid losses recoverable	21,681		38,078
Income taxes recoverable	15,870		0
Deferred tax asset	22,352		23,821
Receivable for investments sold	15,055		18,318
Intangible assets	122,676		126,924
Goodwill	196,758		195,897
Accrued investment income	23,755		24,865
Other assets	124,511		164,633
Total assets	11,235,963		10,329,939
Liabilities
Reserve for losses and loss expenses	3,169,334		3,234,394
Unearned premiums	1,281,319		990,564
Reinsurance balances payable	90,838		127,128
Securities lending payable	6,927		936
Deferred tax liability	8,921		5,541
Payable for investments purchased	118,164		68,574
Accounts payable and accrued expenses	248,834		318,245
Notes payable to AlphaCat investors	1,443,198		671,465
Senior notes payable	247,387		247,306
Debentures payable	538,054		539,277
Total liabilities	$ 7,152,976		$ 6,203,430
Commitments and contingent liabilities
Redeemable noncontrolling interest	$ 0		$ 79,956
Shareholders' equity
Common shares, 571,428,571 authorized, par value $0.175 (Issued: 2015—158,434,541; 2014—155,554,224; Outstanding: 2015—81,997,891; 2014—83,869,845)	27,726		27,222
Treasury shares (2015—76,436,650; 2014—71,684,379)	(13,376)		(12,545)
Additional paid-in-capital	1,048,917		1,207,493
Accumulated other comprehensive loss	(10,869)		(8,556)
Retained earnings	2,592,162		2,374,344
Total shareholders' equity available to Validus	3,644,560		3,587,958
Noncontrolling interest	438,427		458,595
Total shareholders' equity	4,082,987		4,046,553
Total liabilities, noncontrolling interests and shareholders’ equity	$ 11,235,963		$ 10,329,939
[1]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions.
[2]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015		Dec. 31, 2014
Assets
Fixed maturities, at amortized cost or cost	$ 5,581,846		$ 5,534,494
Short-term investments, at amortized cost or cost	1,661,705	[1]	1,051,222	[2]
Other investments, at amortized cost or cost	$ 864,651		$ 879,176
Shareholders' equity
Common shares, shares authorized	571,428,571		571,428,571
Common shares, par value	$ 0.175		$ 0.175
Common shares, shares issued	158,434,541		155,554,224
Common shares, shares outstanding	81,997,891		83,869,845
Treasury stock, common shares	76,436,650		71,684,379
[1]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions.
[2]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014		Sep. 30, 2015	Sep. 30, 2014
Revenues
Gross premiums written		$ 401,681	$ 358,974		$ 2,248,147	$ 2,026,639
Reinsurance premiums ceded		(48,425)	(30,137)		(294,161)	(275,610)
Net premiums written		353,256	328,837		1,953,986	1,751,029
Change in unearned premiums		202,203	165,859		(247,191)	(307,373)
Net premiums earned		555,459	494,696		1,706,795	1,443,656
Net investment income		31,524	25,261		96,153	69,909
Net realized (losses) gains on investments		(41,906)	4,595		(35,493)	16,193
Change in net unrealized (losses) gains on investments	[1]	(34,908)	(84,974)		19,766	16,146
Income from investment affiliate		2,482	1,754		5,542	7,881
Other insurance related income and other (loss)		8,187	(4,080)		15,559	14,985
Foreign exchange losses		(2,274)	(11,441)		(9,061)	(14,761)
Total revenues		518,564	425,811		1,799,261	1,554,009
Expenses
Losses and loss expenses	[2]	258,258	224,125		765,333	545,541
Policy acquisition costs		105,091	86,404		308,152	251,006
General and administrative expenses		95,999	83,319		263,990	231,606
Share compensation expenses		9,983	8,764		28,279	24,252
Finance expenses		17,498	15,354		55,085	47,380
Transaction expenses		0	149	[3]	0	3,401	[4]
Total expenses		486,829	418,115		1,420,839	1,103,186
Income before taxes, income from operating affiliates and (income) attributable to AlphaCat investors		31,735	7,696		378,422	450,823
Tax (expense) benefit		(2,018)	953		(7,132)	(398)
Income from operating affiliates		5,526	3,761		12,083	13,580
(Income) attributable to AlphaCat investors		(40,256)	(25,807)		(94,341)	(82,833)
Net (loss) income		(5,013)	(13,397)		289,032	381,172
Net loss (income) attributable to noncontrolling interest		71,663	53,069		15,042	(25,745)
Net income available to Validus		66,650	39,672		304,074	355,427
Other comprehensive loss
Change in foreign currency translation adjustments		(1,850)	(5,198)		(2,106)	(2,121)
Change in minimum pension liability, net of tax		(28)	0		129	0
Change in fair value of cash flow hedge		75	0		(336)	0
Other comprehensive loss		(1,803)	(5,198)		(2,313)	(2,121)
Comprehensive income available to Validus		$ 64,847	$ 34,474		$ 301,761	$ 353,306
Weighted average number of common shares and common share equivalents outstanding
Basic		82,635,316	90,593,329		83,296,703	91,665,950
Diluted		85,629,494	91,939,610		86,841,927	95,937,641
Basic earnings per share available to common shareholders		$ 0.79	$ 0.42		$ 3.61	$ 3.83
Earnings per diluted share available to common shareholders		0.78	0.41		3.50	3.70
Cash dividends declared per share		$ 0.32	$ 0.3000		$ 0.96	$ 0.90
[1]	Includes the net realized (losses) gains and change in net unrealized (losses) gains on investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and is included in the Consolidated Statements of Comprehensive Income as net loss (income) attributable to noncontrolling interest.
[2]	Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was amortized to income through a reduction in losses and loss expenses of $2,524 and $8,639 during the three and nine months ended September 30, 2015, respectively. The remaining fair value adjustment of $2,340 will be amortized during the remainder of 2015.
[3]	The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Western World results have not been included in the Company's consolidated results for the three months ended September 30, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.
[4]	The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Western World results have not been included in the Company's consolidated results for the nine months ended September 30, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common shares	Treasury shares	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings
Balance - Beginning of period at Dec. 31, 2013		$ 27,036	$ (10,228)	$ 1,677,894	$ (617)	$ 2,010,009
Common shares issued, net		133		(3,822)
Repurchase of common shares			(1,347)	(285,179)
Share compensation expenses				24,252
Dividends						(89,027)
Other comprehensive loss	$ (2,121)				(2,121)
Net income	381,172					381,172
Net loss (income) attributable to noncontrolling interest	(25,745)					(25,745)
Balance - End of period at Sep. 30, 2014	3,702,410	27,169	(11,575)	1,413,145	(2,738)	2,276,409
Noncontrolling interest at Sep. 30, 2014	522,287
Total shareholders' equity at Sep. 30, 2014	4,224,697
Balance - Beginning of period at Dec. 31, 2014	3,587,958	27,222	(12,545)	1,207,493	(8,556)	2,374,344
Common shares issued, net		504		16,231
Repurchase of common shares			(831)	(203,086)
Share compensation expenses				28,279
Dividends						(86,256)
Other comprehensive loss	(2,313)				(2,313)
Net income	289,032					289,032
Net loss (income) attributable to noncontrolling interest	15,042					15,042
Balance - End of period at Sep. 30, 2015	3,644,560	$ 27,726	$ (13,376)	$ 1,048,917	$ (10,869)	$ 2,592,162
Noncontrolling interest at Sep. 30, 2015	438,427
Total shareholders' equity at Sep. 30, 2015	$ 4,082,987

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Cash flows provided by (used in) operating activities
Net income		$ 289,032	$ 381,172
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Share compensation expenses		28,279	24,252
Loss (gain) on deconsolidation/sale of subsidiary		1,777	(2,081)
Amortization of discount on senior notes		81	81
Income from investment affiliate		(5,542)	(7,881)
Net realized losses (gains) on investments		35,493	(16,193)
Change in net unrealized gains on investments	[1]	(19,766)	(16,146)
Amortization of intangible assets		4,248	3,120
Income from operating affiliates		(12,083)	(13,580)
Foreign exchange losses included in net income		16,549	10,841
Amortization of premium on fixed maturities		17,866	11,922
Change in:
Premiums receivable		(357,285)	(241,175)
Deferred acquisition costs		(63,770)	(52,008)
Prepaid reinsurance premiums		(43,564)	(26,558)
Loss reserves recoverable		(9,111)	70,444
Paid losses recoverable		16,408	17,245
Income taxes recoverable		(16,088)	0
Deferred tax asset		1,390	0
Accrued investment income		1,059	3,431
Other assets		38,400	30,125
Reserve for losses and loss expenses		(55,889)	(271,063)
Unearned premiums		290,755	333,933
Reinsurance balances payable		(35,457)	(12,836)
Deferred tax liability		3,323	(7,385)
Accounts payable and accrued expenses		(74,227)	(70,809)
Net cash provided by operating activities		51,878	148,851
Cash flows provided by (used in) investing activities
Proceeds on sales of investments		2,888,919	3,585,728
Proceeds on maturities of investments		260,179	466,872
Purchases of fixed maturities		(3,164,787)	(3,160,512)
Purchases of short-term investments, net		(639,211)	(933,148)
Purchases of other investments, net		(26,648)	(47,752)
Increase in securities lending collateral		(5,991)	(5,664)
Redemption from operating affiliates		57,402	58,547
Decrease (increase) in restricted cash		99,001	(7,856)
Proceeds on sale of subsidiary, net of cash		0	16,459
Net cash used in investing activities		(560,622)	(27,326)
Cash flows provided by (used in) financing activities
Proceeds on issuance of notes payable to AlphaCat investors		1,307,789	645,243
Repayments on notes payable to AlphaCat investors		(709,059)	(602,068)
Issuance (redemption) of common shares, net		16,735	(3,689)
Purchases of common shares under share repurchase program		(203,917)	(286,526)
Dividends paid		(86,423)	(89,719)
Increase in securities lending payable		5,991	5,664
Third party investment in redeemable noncontrolling interest		55,700	61,200
Third party redemption of redeemable noncontrolling interest		(19,395)	(10,496)
Net cash provided by (used in) financing activities		367,421	(280,391)
Effect of foreign currency rate changes on cash and cash equivalents		(27,432)	(11,293)
Net decrease in cash		(168,755)	(170,159)
Cash and cash equivalents - beginning of period		577,240	734,148
Cash and cash equivalents - end of period		408,485	563,989
Taxes paid during the period		14,959	7,286
Interest paid during the period		46,847	46,421
Operating affiliates
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Income from operating affiliates		(12,083)	(13,580)
Cash flows provided by (used in) investing activities
Investments in affiliates		(10,400)	0
Investment affiliate
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Income from investment affiliate		(5,542)	(7,881)
Cash flows provided by (used in) investing activities
Investments in affiliates		$ (19,086)	$ 0
[1]	Includes the net realized (losses) gains and change in net unrealized (losses) gains on investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and is included in the Consolidated Statements of Comprehensive Income as net loss (income) attributable to noncontrolling interest.

Basis of preparation and consol

Basis of preparation and consolidation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation and consolidation	Basis of preparation and consolidation These unaudited Consolidated Financial Statements (the "Consolidated Financial Statements") include Validus Holdings, Ltd. and its wholly and majority owned subsidiaries (together the "Company") and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 in Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In addition, the year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. This Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 , as filed with the U.S. Securities and Exchange Commission (the "SEC"). In the opinion of management, these Consolidated Financial Statements reflect all adjustments (including normal recurring adjustments) considered necessary for a fair presentation of the Company's financial position and results of operations as at the end of and for the periods presented. The Consolidated Statement of Cash Flows for the nine months ended September 30, 2014 includes a revision to decrease net cash used in investing activities by $42,440 . There are no changes to the sub-totals of net cash used in operating activities, financing activities or the effect of foreign currency rate changes on cash and cash equivalents. This revision resulted in an increase in net cash of $42,440 for the nine months ended September 30, 2014 . The effect of this revision does not impact any per-share amounts or other components of equity or net assets in the statement of financial position in the prior period presented. The Company does not believe this revision is material to the prior period. The Company has revised these prior period amounts to provide comparability with current period cash flows. All significant intercompany accounts and transactions have been eliminated. The results of operations for any interim period are not necessarily indicative of the results for a full year. The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes that the amounts included in the Consolidated Financial Statements reflect its best estimates and assumptions, actual results could differ materially from those estimates. The Company’s principal estimates include: • reserve for losses and loss expenses; • premium estimates for business written on a line slip or proportional basis; • the valuation of goodwill and intangible assets; • reinsurance recoverable balances including the provision for uncollectible amounts; and • investment valuation of financial assets. The term “ASC” used in these notes refers to Accounting Standard Codification issued by the U.S. Financial Accounting Standards Board (“FASB”).

Recent accounting pronouncement

Recent accounting pronouncements	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent accounting pronouncements	Recent accounting pronouncements Recently Issued Accounting Standards Not Yet Adopted In May 2014, the FASB issued Accounting Standard Update 2014-09, “ Revenue from Contracts with Customers (Topic 606) ” (ASU 2014-09). The guidance in this Update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The original effective date for the amendments in this Update was for interim and annual reporting periods beginning after December 15, 2016; however, in August 2015, the FASB delayed the effective date by one year through the issuance of Accounting Standards Update 2015-14, " Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date " (ASU 2015-14). As such, the new effective date is for interim and annual reporting periods beginning after December 15, 2017. Entities may adopt the standard as of the original effective date, however, earlier adoption is not permitted. The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements. In February 2015, the FASB issued Accounting Standard Update 2015-02, “Consolidation (Topic 810) Amendments to the Consolidation Analysis” (ASU 2015-02). The amendments in this Update modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities. The amendment also eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The amendment also provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this Update are effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact of this guidance and it may have a material impact on the Company’s Consolidated Financial Statements. In April 2015, the FASB issued Accounting Standard Update 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs” (ASU 2015-03). The amendments in this Update simplify the presentation of debt issuance costs and require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. The amendments in this Update are effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The Company has evaluated the impact of this guidance and it will not have a material impact on the Company's Consolidated Financial Statements. In May 2015, the FASB issued Accounting Standard Update 2015-07, "Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)" (ASU 2015-07). The amendments in this Update remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments in this Update are effective for interim and annual periods beginning after December 15, 2015. Earlier application is permitted. The Company has evaluated the impact of this guidance and it will not have a material impact on the Company's Consolidated Financial Statements. In May 2015, the FASB issued Accounting Standard Update 2015-09, “Financial Services - Insurance (Topic 944) - Disclosures about Short-Duration Contracts” (ASU 2015-09). The amendments in this Update enhance annual disclosures relating to reserves for losses and loss expenses by requiring the following: (1) net incurred and paid claims development information by accident year; (2) a reconciliation of incurred and paid claims development information to the aggregate carrying amount of the reserve for losses and loss expenses; (3) for each accident year presented, total IBNR plus expected development on case reserves included in the reserve for losses and loss expenses, accompanied by a description of reserving methodologies and any changes thereto; (4) for each accident year presented, quantitative information about claim frequency (unless impracticable) accompanied by a qualitative description of methodologies used for determining claim frequency information and any changes thereto; and (5) the average annual percentage payout of incurred claims by age for the same number of accident years presented. The amendments in this Update are effective for annual periods beginning after December 15, 2015 and interim periods beginning after December 15, 2016. Early application is permitted. The Company has evaluated the impact of this guidance and it will not have a material impact on the Company's Consolidated Financial Statements, but will require changes to disclosures. In September 2015, the FASB issued Accounting Standard Update 2015-16, “ Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments ” (ASU 2015-16). The amendments in this Update simplify the accounting for adjustments made to provisional amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments. The amendments in this Update are effective for interim and annual periods beginning after December 15, 2015. The Company has evaluated the impact of this guidance and it will not have a material impact on the Company's Consolidated Financial Statements.

Investments

Investments	9 Months Ended
	Sep. 30, 2015
Investments [Abstract]
Investments	Investments (a) Fixed maturity, short-term and other investments The Company's investments in fixed maturities, short-term investments and other investments are classified as trading and carried at fair value, with related changes in net unrealized gains or losses included in earnings. The amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments as at September 30, 2015 were as follows: Amortized Cost (or Cost) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government and government agency $ 868,750 $ 3,787 $ (609 ) $ 871,928 Non-U.S. government and government agency 224,288 1,205 (2,529 ) 222,964 U.S. states, municipalities and political subdivisions 316,868 3,097 (439 ) 319,526 Agency residential mortgage-backed securities 488,827 9,503 (1,060 ) 497,270 Non-agency residential mortgage-backed securities 27,054 400 (400 ) 27,054 U.S. corporate 1,530,344 4,387 (8,837 ) 1,525,894 Non-U.S. corporate 472,736 1,628 (6,544 ) 467,820 Bank loans 517,129 642 (8,298 ) 509,473 Catastrophe bonds 160,835 908 (1,767 ) 159,976 Asset-backed securities 624,444 2,038 (1,234 ) 625,248 Commercial mortgage-backed securities 350,571 2,045 (913 ) 351,703 Total fixed maturities 5,581,846 29,640 (32,630 ) 5,578,856 Total short-term investments (a) 1,661,705 49 (67 ) 1,661,687 Other investments Fund of hedge funds 2,378 — (938 ) 1,440 Hedge funds (b) 559,737 43,541 (99,653 ) 503,625 Private equity investments 51,037 8,891 (2,305 ) 57,623 Investment funds 247,104 577 — 247,681 Mutual funds 4,395 2,610 — 7,005 Total other investments 864,651 55,619 (102,896 ) 817,374 Total investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 8,108,202 $ 85,308 $ (135,593 ) $ 8,057,917 Assets managed on behalf of AlphaCat investors (a) (1,364,692 ) — — (1,364,692 ) Catastrophe bonds (160,835 ) (908 ) 1,767 (159,976 ) Noncontrolling interest (b) (491,204 ) (32,920 ) 89,688 (434,436 ) Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 6,091,471 $ 51,480 $ (44,138 ) $ 6,098,813 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest. The amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments as at December 31, 2014 were as follows: Amortized Cost (or Cost) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government and government agency $ 759,232 $ 1,755 $ (901 ) $ 760,086 Non-U.S. government and government agency 279,493 1,215 (1,980 ) 278,728 U.S. states, municipalities and political subdivisions 448,668 1,780 (825 ) 449,623 Agency residential mortgage-backed securities 520,685 9,697 (1,151 ) 529,231 Non-agency residential mortgage-backed securities 37,954 369 (516 ) 37,807 U.S. corporate 1,500,963 3,960 (5,217 ) 1,499,706 Non-U.S. corporate 564,386 2,765 (3,989 ) 563,162 Bank loans 457,537 200 (8,733 ) 449,004 Catastrophe bonds 75,822 768 (926 ) 75,664 Asset-backed securities 647,422 1,250 (1,190 ) 647,482 Commercial mortgage-backed securities 242,332 598 (692 ) 242,238 Total fixed maturities 5,534,494 24,357 (26,120 ) 5,532,731 Total short-term investments (a) 1,051,222 13 (161 ) 1,051,074 Other investments Fund of hedge funds 2,570 125 (920 ) 1,775 Preferred stock 6,535 — (201 ) 6,334 Hedge funds (b) 570,371 60,792 (134,203 ) 496,960 Private equity investments 48,995 4,987 (611 ) 53,371 Investment funds 244,506 437 (111 ) 244,832 Mutual funds 6,199 3,540 — 9,739 Total other investments 879,176 69,881 (136,046 ) 813,011 Total investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 7,464,892 $ 94,251 $ (162,327 ) $ 7,396,816 Assets managed on behalf of AlphaCat investors (a) (696,924 ) — — (696,924 ) Catastrophe bonds (75,822 ) (768 ) 926 (75,664 ) Noncontrolling interest (b) (502,830 ) (48,446 ) 120,782 (430,494 ) Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 6,189,316 $ 45,037 $ (40,619 ) $ 6,193,734 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest. The following table sets forth certain information regarding the investment ratings of the Company’s fixed maturities portfolio as at September 30, 2015 and December 31, 2014 . September 30, 2015 December 31, 2014 Estimated Fair Value % of Total Estimated Fair Value % of Total AAA $ 2,454,181 44.0 % $ 2,494,239 45.1 % AA 530,473 9.5 % 848,226 15.4 % A 1,145,331 20.5 % 1,086,091 19.6 % BBB 674,489 12.1 % 505,208 9.1 % Total investment-grade fixed maturities 4,804,474 86.1 % 4,933,764 89.2 % BB 316,602 5.7 % 362,972 6.6 % B 216,544 4.0 % 145,240 2.6 % CCC 4,374 0.0 % 12,733 0.2 % CC 1,002 0.0 % 3,926 0.1 % C — 0.0 % 1,344 0.0 % D/NR 235,860 4.2 % 72,752 1.3 % Total non-investment grade fixed maturities 774,382 13.9 % 598,967 10.8 % Total fixed maturities $ 5,578,856 100.0 % $ 5,532,731 100.0 % The amortized cost and estimated fair value amounts for fixed maturities held at September 30, 2015 and December 31, 2014 are shown below by contractual maturity. Actual maturity may differ from contractual maturity because certain borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. September 30, 2015 December 31, 2014 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 342,554 $ 343,201 $ 312,843 $ 313,248 Due after one year through five years 2,996,003 2,991,774 3,163,225 3,159,200 Due after five years through ten years 566,908 560,971 497,175 491,870 Due after ten years 185,485 181,635 112,858 111,655 4,090,950 4,077,581 4,086,101 4,075,973 Asset-backed and mortgage-backed securities 1,490,896 1,501,275 1,448,393 1,456,758 Total fixed maturities $ 5,581,846 $ 5,578,856 $ 5,534,494 $ 5,532,731 (b) Net investment income Net investment income was derived from the following sources: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Fixed maturities and short-term investments $ 28,117 $ 22,544 $ 88,519 $ 68,048 Other investments 5,086 2,879 12,288 2,879 Restricted cash and cash and cash equivalents 373 1,581 1,259 4,534 Securities lending income 4 1 13 5 Total gross investment income 33,580 27,005 102,079 75,466 Investment expenses (2,056 ) (1,744 ) (5,926 ) (5,557 ) Total net investment income $ 31,524 $ 25,261 $ 96,153 $ 69,909 Net investment income from other investments includes distributed and undistributed net income from certain investment funds. (c) Net realized (losses) gains and change in net unrealized (losses) gains on investments The following represents an analysis of net realized gains and the change in net unrealized (losses) gains on investments: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Fixed maturities, short-term and other investments Gross realized gains $ 1,872 $ 8,075 $ 14,450 $ 23,184 Gross realized (losses) (43,778 ) (3,480 ) (49,943 ) (6,991 ) Net realized (losses) gains on investments (a) (41,906 ) 4,595 (35,493 ) 16,193 Change in net unrealized (losses) gains on investments (a) (34,908 ) (84,974 ) 19,766 16,146 Total net realized and change in net unrealized (losses) gains on investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest (76,814 ) (80,379 ) (15,727 ) 32,339 Assets managed on behalf of AlphaCat investors — — — — Catastrophe bonds (2,208 ) (201 ) 701 1,787 Noncontrolling interest (a) 71,589 52,595 21,078 (22,613 ) Total net realized and change in net unrealized (losses) gains on investments excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ (7,433 ) $ (27,985 ) $ 6,052 $ 11,513 (a) Includes the net realized (losses) gains and change in net unrealized (losses) gains on investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and is included in the Consolidated Statements of Comprehensive Income as net loss (income) attributable to noncontrolling interest. (d) Pledged investments The following tables outline investments and cash pledged as collateral under the Company's credit facilities. For further details on the credit facilities, please refer to Note 12 : “ Debt and financing arrangements .” September 30, 2015 Description Commitment Issued and Outstanding Investments and cash pledged as collateral $400,000 syndicated unsecured letter of credit facility $ 400,000 $ — $ — $525,000 syndicated secured letter of credit facility 525,000 244,358 385,279 $30,000 secured bi-lateral letter of credit facility 30,000 10,172 47,471 Talbot FAL facility 25,000 25,000 31,318 AlphaCat Re secured letter of credit facility 30,000 30,000 30,134 IPC bi-lateral facility 25,000 10,782 — $230,000 Flagstone bi-lateral facility 230,000 205,593 381,302 Total $ 1,265,000 $ 525,905 $ 875,504 December 31, 2014 Description Commitment Issued and Outstanding Investments and cash pledged as collateral $400,000 syndicated unsecured letter of credit facility $ 400,000 $ — $ — $525,000 syndicated secured letter of credit facility 525,000 276,455 395,750 $200,000 secured bi-lateral letter of credit facility 200,000 15,649 35,645 Talbot FAL facility 25,000 25,000 31,048 PaCRe senior secured letter of credit facility 10,000 294 — AlphaCat Re secured letter of credit facility 30,000 30,000 30,078 IPC bi-lateral facility 40,000 15,897 99,437 $375,000 Flagstone bi-lateral facility 375,000 198,389 430,782 Total $ 1,605,000 $ 561,684 $ 1,022,740 In addition, $3,856,717 of cash and cash equivalents, restricted cash, short-term investments and fixed maturities were pledged during the normal course of business as at September 30, 2015 ( December 31, 2014 : $3,150,295 ). Of those, $3,809,087 were held in trust ( December 31, 2014 : $3,122,074 ). Pledged assets are generally for the benefit of the Company's cedants and policyholders, to support AlphaCat's fully collateralized reinsurance transactions and to facilitate the accreditation of Talbot as an alien insurer/reinsurer by certain regulators.

Fair value measurements

Fair value measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements (a) Classification within the fair value hierarchy Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants. Under U.S. GAAP, a company must determine the appropriate level in the fair value hierarchy for each fair value measurement. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or liability, into three levels. It gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are described below: Level 1 - Fair values are measured based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2 - Fair values are measured based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or for which significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data. Level 3 - Fair values are measured based on inputs that are unobservable and significant to the overall fair value measurement. The unobservable inputs reflect the Company's own judgments about assumptions where there is little, if any, market activity for that asset or liability that market participants might use. The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This may lead the Company to change the selection of our valuation technique (for example, from market to cash flow approach) or to use multiple valuation techniques to estimate the fair value of a financial instrument. These circumstances could cause an instrument to be reclassified between levels within the fair value hierarchy. There have been no material changes in the Company's valuation techniques during the period, or periods, represented by these Consolidated Financial Statements. The following methods and assumptions were used in estimating the fair value of each class of financial instrument recorded in the Consolidated Balance Sheets. At September 30, 2015 , the Company’s investments were allocated between Levels 1, 2 and 3 as follows: Level 1 Level 2 Level 3 Total U.S. government and government agency $ — $ 871,928 $ — $ 871,928 Non-U.S. government and government agency — 222,964 — 222,964 U.S. states, municipalities and political subdivisions — 319,526 — 319,526 Agency residential mortgage-backed securities — 497,270 — 497,270 Non-agency residential mortgage-backed securities — 27,054 — 27,054 U.S. corporate — 1,525,894 — 1,525,894 Non-U.S. corporate — 467,820 — 467,820 Bank loans — 347,637 161,836 509,473 Catastrophe bonds — 158,976 1,000 159,976 Asset-backed securities — 625,248 — 625,248 Commercial mortgage-backed securities — 351,703 — 351,703 Total fixed maturities — 5,416,020 162,836 5,578,856 Total short-term investments (a) 1,652,981 8,706 — 1,661,687 Other investments Fund of hedge funds — — 1,440 1,440 Hedge funds (b) — — 503,625 503,625 Private equity investments — — 57,623 57,623 Investment funds — 80,470 167,211 247,681 Mutual funds — 7,005 — 7,005 Total other investments — 87,475 729,899 817,374 Total investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 1,652,981 $ 5,512,201 $ 892,735 $ 8,057,917 Assets managed on behalf of AlphaCat investors (a) (1,364,692 ) — — (1,364,692 ) Catastrophe bonds — (158,976 ) (1,000 ) (159,976 ) Noncontrolling interest (b) — — (434,436 ) (434,436 ) Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 288,289 $ 5,353,225 $ 457,299 $ 6,098,813 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest. At December 31, 2014 , the Company’s investments were allocated between Levels 1, 2 and 3 as follows: Level 1 Level 2 Level 3 Total U.S. government and government agency $ — $ 760,086 $ — $ 760,086 Non-U.S. government and government agency — 278,728 — 278,728 U.S. states, municipalities and political subdivisions — 449,623 — 449,623 Agency residential mortgage-backed securities — 529,231 — 529,231 Non-agency residential mortgage-backed securities — 37,807 — 37,807 U.S. corporate — 1,499,706 — 1,499,706 Non-U.S. corporate — 563,162 — 563,162 Bank loans — 416,256 32,748 449,004 Catastrophe bonds — 70,664 5,000 75,664 Asset-backed securities — 647,482 — 647,482 Commercial mortgage-backed securities — 242,238 — 242,238 Total fixed maturities — 5,494,983 37,748 5,532,731 Total short-term investments (a) 942,716 108,358 — 1,051,074 Other investments Fund of hedge funds — — 1,775 1,775 Preferred stock — 6,334 — 6,334 Hedge funds (b) — — 496,960 496,960 Private equity investments — — 53,371 53,371 Investment fund — 140,045 104,787 244,832 Mutual funds — 9,739 — 9,739 Total other investments — 156,118 656,893 813,011 Total investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 942,716 $ 5,759,459 $ 694,641 $ 7,396,816 Assets managed on behalf of AlphaCat investors (a) (696,924 ) — — (696,924 ) Catastrophe bonds — (70,664 ) (5,000 ) (75,664 ) Noncontrolling interest (b) — — (430,494 ) (430,494 ) Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 245,792 $ 5,688,795 $ 259,147 $ 6,193,734 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest. At September 30, 2015 , Level 3 investments excluding the catastrophe bonds and noncontrolling interests totaled $457,299 (December 31, 2014 : $259,147 ), representing 7.5% (December 31, 2014 : 4.2% ) of total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interests, measured at fair value on a recurring basis. (b) Level 1 assets measured at fair value Short term investments Short term investments categorized as Level 1 consist primarily of highly liquid securities, all with maturities less than one year from the date of purchase. The fair value of the Company's portfolio of short term investments are generally determined using amortized cost which approximates fair value. The Company has determined that certain of its short-term investments, held in highly liquid money market-type funds, should be included in Level 1 as their fair values are based on quoted market prices in active markets. (c) Level 2 assets measured at fair value Fixed maturity investments Fixed maturity investments included in Level 2 include U.S. government and government agency, non-U.S. government and government agency, U.S. states, municipalities and political subdivisions, agency residential mortgage-backed securities, non-agency residential mortgage-backed securities, U.S. corporate, non-U.S. corporate, bank loans, catastrophe bonds, asset-backed securities and commercial mortgage-backed securities. In general, valuation of the Company's fixed maturity investment portfolios is provided by pricing services, such as index providers and pricing vendors, as well as broker quotations. The pricing vendors provide valuations for a high volume of liquid securities that are actively traded. For securities that do not trade on an exchange, the pricing services generally utilize market data and other observable inputs in matrix pricing models to determine month end prices. Prices are generally verified using third party data. Securities which are priced by an index provider are generally included in the index. In general, broker-dealers value securities through their trading desks based on observable inputs. The methodologies include mapping securities based on trade data, bids or offers, observed spreads, and performance on newly issued securities. Broker-dealers also determine valuations by observing secondary trading of similar securities. Prices obtained from broker quotations are considered non-binding, however they are based on observable inputs and by observing secondary trading of similar securities obtained from active, non-distressed markets. The Company considers these Level 2 inputs as they are corroborated with other market observable inputs. The techniques generally used to determine the fair value of the Company's fixed maturity investments are detailed below by asset class. U.S. government and government agency U.S. government and government agency securities consist primarily of debt securities issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. Fixed maturity investments included in U.S. government and government agency securities are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data. Non-U.S. government and government agency Non-U.S. government and government agency securities consist of debt securities issued by non-U.S. governments and their agencies along with supranational organizations (also known as sovereign debt securities). Securities held in these sectors are primarily priced by pricing services who employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets. U.S. states, municipalities and political subdivisions The Company's U.S. states, municipalities and political subdivisions portfolio contains debt securities issued by U.S. domiciled state and municipal entities. These securities are generally priced by independent pricing services using the techniques described for U.S. government and government agency securities described above. Agency residential mortgage-backed securities The Company's agency residential mortgage-backed investments are primarily priced by pricing services using a mortgage pool specific model which utilizes daily inputs from the active to be announced ("TBA") market which is very liquid, as well as the U.S. treasury market. The model also utilizes additional information, such as the weighted average maturity, weighted average coupon and other available pool level data which is provided by the sponsoring agency. Valuations are also corroborated with daily active market quotes. Non-agency residential mortgage-backed securities The Company's non-agency mortgage-backed investments include non-agency prime residential mortgage-backed fixed maturity investments. The Company has no fixed maturity investments classified as sub-prime held in its fixed maturity investments portfolio. Securities held in these sectors are primarily priced by pricing services using an option adjusted spread model or other relevant models, which principally utilize inputs including benchmark yields, available trade information or broker quotes, and issuer spreads. The pricing services also review collateral prepayment speeds, loss severity and delinquencies among other collateral performance indicators for the securities valuation, when applicable. U.S. corporate Corporate debt securities consist primarily of investment-grade debt of a wide variety of U.S. corporate issuers and industries. The Company's corporate fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. In certain instances, securities are individually evaluated using a spread which is added to the U.S. treasury curve or a security specific swap curve as appropriate. Non-U.S. corporate Non-U.S. corporate debt securities consist primarily of investment-grade debt of a wide variety of non-U.S. corporate issuers and industries. The Company's non-U.S. corporate fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. Bank loans The Company's bank loan investments consist primarily of below-investment-grade debt of a wide variety of corporate issuers and industries. The Company's bank loans are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. Catastrophe bonds Catastrophe bonds are based on broker or underwriter bid indications. To the extent that these indications are based on significant unobservable inputs, the relevant bonds will be classified as a Level 3 asset. Asset-backed securities Asset backed securities include mostly investment-grade debt securities backed by pools of loans with a variety of underlying collateral, including automobile loan receivables, student loans, credit card receivables, and collateralized loan obligations originated by a variety of financial institutions. Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services determine the expected cash flows for each security held in this sector using historical prepayment and default projections for the underlying collateral and current market data. In addition, a spread is applied to the relevant benchmark and used to discount the cash flows noted above to determine the fair value of the securities held in this sector. Commercial mortgage-backed securities Commercial mortgage backed securities are investment-grade debt primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services determine the expected cash flows for each security held in this sector using historical prepayment and default projections for the underlying collateral and current market data. In addition, a spread is applied to the relevant benchmark and used to discount the cash flows noted above to determine the fair value of the securities held in this sector. Short term investments Short term investments consist primarily of highly liquid securities, all with maturities of less than one year from the date of purchase. The fair value of the Company's portfolio of short term investments is generally determined using amortized cost which approximates fair value. The Company has determined that, other than highly liquid money market-type funds, the majority of the remaining securities are classified within Level 2 because these securities are typically not actively traded due to their approaching maturity and, as such, their amortized cost approximates fair value. To the extent that these valuations are based on significant unobservable inputs, the relevant short term investments will be classified as a Level 3 asset. Preferred stock The Company's preferred stock portfolio contains preferred term securities typically sold by non-public financial services companies, through a collateralized debt obligation product and are classified as Level 2 assets. The fair value of these investments is determined based on quoted market prices in active markets. Investment funds Investment funds classified as Level 2 assets includes one pooled investment which is invested in fixed income securities with high credit ratings. The investment fund is only open to Lloyd’s Trust Fund participants. The fair value of units in the investment fund is based on the net asset value of the fund as reported by Lloyd’s Treasury & Investment Management. Also included within investment funds is the Company's share of a portfolio of Lloyd's overseas deposits, which is also classified as a Level 2 asset. The underlying deposits are managed centrally by Lloyd's and invested according to local regulatory requirements. The composition of the portfolio varies and the deposits are made across the market. The fair value of the deposits is based on the portfolio level reporting that is provided by Lloyd's. Mutual funds Mutual funds consist of two investment funds which are invested in various quoted investments. The fair value of units in the mutual funds is based on the net asset value of the fund as reported by the fund manager. (d) Level 3 assets measured at fair value Level 3 includes financial instruments that are valued using market approach and income approach valuation techniques. These models incorporate both observable and unobservable inputs. The Company's hedge funds, a fund of hedge funds, private equity investments, certain bank loans, an investment fund and certain catastrophe bonds are the only financial instruments in this category as at September 30, 2015 . For each respective hedge fund investment, the Company obtains and reviews the valuation methodology used by the fund administrators and investment managers to ensure that the hedge fund investments are following fair value principles consistent with U.S. GAAP in determining the net asset value (“NAV”). Within the hedge fund industry, there is a general lack of transparency necessary to facilitate a detailed independent assessment of the values placed on the securities underlying the NAV provided by the fund manager or fund administrator. To address this, on a quarterly basis, we perform a number of monitoring procedures designed to assist us in the assessment of the quality of the information provided by managers and administrators. These procedures include, but are not limited to, regular review and discussion of each fund's performance with its manager and regular evaluation of fund performance against applicable benchmarks. Bank loans Included in the bank loans portfolio is a collection of loan participations held through an intermediary. These investments are classified as Level 3 assets. A third party pricing service provides monthly valuation reports for each loan and participation using a combination of quotations from loan pricing services, leveraged loan indices or market price quotes obtained directly from the intermediary. Fund of hedge funds The fund of hedge funds includes a side pocket. While a redemption request has been submitted, the timing of receipt of proceeds on the side pocket is unknown. The fund's administrator provides a monthly reported NAV with a one month delay in its valuation which was used as a basis for fair value measurement in the Company's September 30, 2015 Consolidated Balance Sheet. The fund manager has provided an estimate of the fund NAV at September 30, 2015 based on the estimated performance provided from the underlying funds. To determine the reasonableness of the estimated NAV, the Company compares the one month delayed fund administrator's NAV to the fund manager's estimated NAV that incorporates relevant valuation sources on a timely basis. Material variances are recorded in the current reporting period while immaterial variances are recorded in the following reporting period. As this valuation technique incorporates both observable and significant unobservable inputs, the fund of hedge funds is classified as a Level 3 asset. Hedge funds The hedge funds were valued at $503,625 at September 30, 2015 (December 31, 2014 : $496,960 ). The hedge funds consist of investments in five Paulson & Co. managed funds (the "Paulson hedge funds") and one hedge fund assumed in the acquisition of Flagstone Reinsurance Holdings, S.A. (the "Flagstone Acquisition") (the "Flagstone hedge fund"). The Paulson hedge funds' administrator provides monthly reported NAVs with a one month delay in its valuation which was used as a partial basis for fair value measurement in the Company's September 30, 2015 Consolidated Balance Sheet. The fund manager provides an estimate of the NAV as at September 30, 2015 based on estimated performance. The Company adjusts fair value to the fund manager's estimated NAV that incorporates relevant valuation sources on a timely basis. To determine the reasonableness of the estimated NAV, the Company assesses the variance between the fund manager's estimated NAV and the fund administrator's NAV. Material variances are recorded in the current reporting period while immaterial variances are recorded in the following reporting period. Historically, the Company's valuation estimates have not materially differed from the subsequent NAVs. The Flagstone hedge fund's administrator provides quarterly NAVs with a three -month delay in valuation which was used as a basis for fair value measurement in the Company's September 30, 2015 Consolidated Balance Sheet. As these valuation techniques incorporate both observable and significant unobservable inputs, both the Paulson hedge funds and the Flagstone hedge fund are classified as Level 3 assets. The Paulson hedge funds are subject to quarterly liquidity. Private equity investments The private equity funds provide quarterly or semi-annual partnership capital statements with a three or six month delay which are used as a basis for valuation in the Company's September 30, 2015 Consolidated Balance Sheet. These private equity investments vary in investment strategies and are not actively traded in any open markets. As this valuation technique can incorporate significant unobservable inputs, the private equity investments are classified as Level 3 assets. Investment funds Investment funds classified as Level 3 assets consists of one structured securities fund that invests across asset backed securities, residential mortgage backed securities and commercial mortgage backed securities. The fair value of units in the investment fund is based on the NAV of the fund as reported by the independent fund administrator. The fund's administrator provides a monthly reported NAV with a one -month delay in its valuation which was used as a basis for fair value measurement in the Company's September 30, 2015 Consolidated Balance Sheet. As this valuation technique incorporates both observable and significant unobservable inputs, the investment fund investment is classified as a Level 3 asset. The following table presents a reconciliation of the beginning and ending balances for all investments measured at fair value on a recurring basis using Level 3 inputs during the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Level 3 investments - Beginning of period $ 931,649 $ 746,396 $ 694,641 $ 576,871 Purchases 127,350 25,784 326,949 125,784 Sales (73,105 ) (24,175 ) (86,143 ) (49,508 ) Settlements (13,815 ) — (22,013 ) (1,500 ) Net realized (losses) gains (40,721 ) 2,554 (40,732 ) 8,198 Change in net unrealized (losses) gains (38,623 ) (57,776 ) 20,033 26,235 Transfers into Level 3 — — — 6,703 Level 3 investments - End of period $ 892,735 $ 692,783 $ 892,735 $ 692,783 Catastrophe Bonds (1,000 ) — (1,000 ) — Noncontrolling interest (a) (434,436 ) (495,365 ) (434,436 ) (495,365 ) Level 3 investments - End of period excluding catastrophe bonds and noncontrolling interest $ 457,299 $ 197,418 $ 457,299 $ 197,418 (a) Includes Level 3 investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest. There have not been any transfers into or out of Level 3 during the three months ended September 30, 2015 and 2014 or the nine months ended September 30, 2015 . During the nine months ended September 30, 2014 there was a transfer of investments from Level 2 into Level 3 of the fair value hierarchy. This transfer was due to a reassessment of the extent of unobservable inputs used in establishing the fair value of certain catastrophe bonds.

Investments in affiliates

Investments in affiliates	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in affiliates	Investments in affiliates The following table presents the Company's investments in affiliates as at September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Investment affiliates $ 88,134 $ 63,506 Operating affiliates 259,828 197,977 Investments in affiliates $ 347,962 $ 261,483 (a) Investment affiliate Aquiline Financial Services Fund II L.P. On December 20, 2011, the Company entered into an Assignment and Assumption Agreement (the "Agreement") with Aquiline Capital Partners LLC, a Delaware limited liability company (the "Assignor") and Aquiline Capital Partners II GP (Offshore) Ltd., a Cayman Islands company limited by shares (the "Aquiline II General Partner") pursuant to which the Company has assumed 100% of the Assignor's interest in Aquiline Financial Services Fund II L.P. (the "Aquiline II Partnership") representing a total capital commitment of $50,000 (the "Aquiline II Commitment"), as a limited partner in the Partnership (the "Transferred Interest"). The Transferred Interest is governed by the terms of an Amended and Restated Exempted Limited Partnership Agreement of the Fund dated January 9, 2013 (the "Aquiline II Limited Partnership Agreement"). On October 2, 2014, the Company assumed an additional investment in the Aquiline II Partnership as part of the Western World acquisition representing a total capital commitment of $10,000 . This interest is also governed by the terms of the Aquiline II Limited Partnership Agreement. The Partnership provides a quarterly capital account statement, with a three month delay in its valuation, which was used as the basis for calculating the Company's share of partnership income for the period. Aquiline Financial Services Fund III L.P. On November 7, 2014, the Company, entered into a Subscription Agreement (the "Subscription Agreement") with Aquiline Capital Partners III GP (Offshore) Ltd., a Cayman Islands company limited by shares (the "Aquiline III General Partner") pursuant to which the Company committed and agreed to purchase limited partnership or other comparable limited liability equity interests (the "Limited Partnership Interests") in Aquiline Financial Services Fund III L.P., a Cayman Islands exempted limited partnership (the "Aquiline III Partnership"), and/or one or more Alternative Investment Vehicles and Intermediate Entities (together with the Aquiline III Partnership, the "Fund" or the "Entities") with a capital commitment (the "Aquiline III Commitment") in an amount equal to $100,000 , as a limited partner in the Aquiline III Partnership. The Limited Partnership Interests are governed by the terms of an Amended and Restated Exempted Limited Partnership Agreement dated as of November 7, 2014 (the “Aquiline III Limited Partnership Agreement”). The Partnership provides a quarterly capital account statement, with a three month delay in its valuation, which was used as the basis for calculating the Company's share of partnership income for the period. The following table presents a reconciliation of the beginning and ending investment in the Company's investment affiliates balance for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Investment affiliates, beginning of period $ 89,681 $ 40,627 $ 63,506 $ 34,500 Net capital (distributions) contributions (4,029 ) — 19,086 — Income from investment affiliate 2,482 1,754 5,542 7,881 Investment affiliates, end of period $ 88,134 $ 42,381 $ 88,134 $ 42,381 The following table presents the Company's investment in the Partnerships as at September 30, 2015 : Investment in investment affiliate Investment at cost Voting ownership % Equity Ownership Carrying Value Aquiline Financial Services Fund II L.P. $ 55,098 — % 8.1 % $ 74,341 Aquiline Financial Services Fund III L.P. $ 13,890 — % 13.7 % $ 13,793 Total $ 68,988 $ 88,134 The following table presents the Company's investment in the Partnership as at December 31, 2014 : Investment in investment affiliate Investment at cost Voting ownership % Equity Ownership Carrying Value Aquiline Financial Services Fund II L.P. $ 51,001 — % 8.1 % $ 63,506 (b) Operating affiliates AlphaCat Re 2011 Ltd. On May 25, 2011, the Company joined with other investors in capitalizing AlphaCat Re 2011 Ltd. ("AlphaCat Re 2011"), a special purpose reinsurer formed for the purpose of writing collateralized reinsurance and retrocessional reinsurance. AlphaCat Re 2011 was a market facing entity and the Company's investment in AlphaCat Re 2011 has been treated as an equity method investment. AlphaCat Re 2011 is now considered "off-risk" as the risk periods for all reinsurance contracts written have expired. As a result, partial returns of investment have been made to the investors of AlphaCat Re 2011.The Company's portion of the returns made during the three and nine months ended September 30, 2015 and 2014 are included in the tables below. AlphaCat Re 2012 Ltd. On May 29, 2012, the Company joined with other investors in capitalizing AlphaCat Re 2012 Ltd. ("AlphaCat Re 2012"), a special purpose reinsurer formed for the purpose of writing collateralized reinsurance with a particular focus on windstorm risks for Florida domiciled insurance companies. AlphaCat Re 2012 was a market facing entity and the Company's investment in AlphaCat Re 2012 has been treated as an equity method investment. AlphaCat Re 2012 is now considered "off-risk" as the risk periods for all reinsurance contracts written have expired. As a result, partial returns of investment have been made to the investors of AlphaCat Re 2012.The Company's portion of the returns made during the three and nine months ended September 30, 2015 and 2014 are included in the tables below. AlphaCat 2013, Ltd. On December 17, 2012, the Company joined with other investors in capitalizing AlphaCat 2013, Ltd. ("AlphaCat 2013"), an entity formed for the purpose of investing in collateralized reinsurance and retrocession on a worldwide basis. AlphaCat 2013 deployed its capital through transactions entered into by AlphaCat Reinsurance Ltd. (“AlphaCat Re”) and the Company's investment in AlphaCat 2013 has been treated as an equity method investment. AlphaCat 2013 is now considered "off-risk" as the risk periods for all risk-linked instruments have expired. As a result, partial returns of investment have been made to the investors of AlphaCat 2013. The Company's portion of the returns made during the three and nine months ended September 30, 2015 and 2014 are included in the tables below. AlphaCat 2014, Ltd. On December 20, 2013, the Company joined with other investors in capitalizing AlphaCat 2014, Ltd. (“AlphaCat 2014”), an entity formed for the purpose of investing in collateralized reinsurance and retrocessional contracts for the January 1, 2014 renewal season. AlphaCat 2014 deploys its capital through transactions entered into by AlphaCat Re and the Company's investment in AlphaCat 2014 has been treated as an equity method investment. AlphaCat 2014 is now considered "off-risk" as the risk periods for all risk-linked instruments have expired. As a result, partial returns of investment have been made to the investors of AlphaCat 2014. The Company's portion of the returns made during the three and nine months ended September 30, 2015 and 2014 are included in the table below. AlphaCat 2015, Ltd. On December 29, 2014, the Company joined with other investors in capitalizing AlphaCat 2015, Ltd. ("AlphaCat 2015"), an entity formed for the purpose of investing in collateralized reinsurance and retrocessional contracts for the January 1, 2015 renewal season. AlphaCat 2015 deploys its capital through transactions entered into by AlphaCat Re and the Company's investment in AlphaCat 2015 has been treated as an equity method investment. AlphaCat ILS funds The AlphaCat ILS funds invest in instruments with returns linked to property catastrophe reinsurance, retrocession and insurance linked securities ("ILS") contracts. AlphaCat ILS funds primarily deploy their capital through the AlphaCat Master Fund Ltd. (the "AlphaCat Master Fund") and AlphaCat Re. All of the funds are variable interest entities and are accounted for as equity method investments because the Company holds an equity interest of less than 50% and has significant influence. Two of these funds had been consolidated by the Company as the primary beneficiary from formation through to December 31, 2013 and May 31, 2015, respectively. However, on January 1, 2014 and June 1, 2015 the funds received $35,000 and $40,000 in additional third party subscriptions, respectively, resulting in a reduction of the Company’s equity interest below 50% . Therefore, these funds were deconsolidated and accounted for as an equity method investments from January 1, 2014 and June 1, 2015, respectively, since the Company retained significant influence. The fair value of the retained interest, based on the fair value of the underlying instruments in AlphaCat Master Fund and AlphaCat Re, amounted to $113,455 and $96,770 as at January 1, 2014 and June 1, 2015, respectively. The deconsolidations resulted in a gain of $1,372 and a loss of $1,777 which is included in the Consolidated Statements of Comprehensive Income as other insurance related income for the nine months ended September 30, 2014 and the nine months ended September 30, 2015 , respectively. The Company's maximum exposure to any of the funds is the amount of capital invested at any given time. AlphaCat Master Fund Ltd. and AlphaCat Reinsurance Ltd. The Company utilizes AlphaCat Master Fund and AlphaCat Re for the purpose of investing in capital market products and writing collateralized reinsurance, respectively, on behalf of certain entities within the AlphaCat operating segment and other third party investors. AlphaCat Master Fund and AlphaCat Re are market facing entities which enter into transactions on behalf of AlphaCat 2014, AlphaCat 2015, the AlphaCat ILS funds and other third party investors ("AlphaCat direct"). The Company owns all of the voting equity interest in AlphaCat Master Fund and AlphaCat Re and, as a result, their financial statements are included in the Consolidated Financial Statements of the Company. BetaCat ILS funds The BetaCat ILS funds invest exclusively in catastrophe bonds (principal-at-risk variable rate notes and other event-linked securities, being referred to collectively as “Cat Bonds”) focused on property and casualty risk and issued under Rule 144A of the Securities Act of 1933, following a passive buy-and-hold investment strategy. One of the funds is a variable interest entity and is consolidated by the Company as the primary beneficiary. The remaining fund is consolidated by the Company as it owns all of the voting equity interest. The Company's maximum exposure to either of the funds is the amount of capital invested at any given time. As at September 30, 2015 , no third party subscriptions had been received. The following tables present a reconciliation of the beginning and ending investment in operating affiliates for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds Total As at June 30, 2015 $ 4,601 $ 707 $ 1,043 $ 723 $ 30,598 $ 246,768 $ 284,440 Gain on redemption of shares — — — — — (6,761 ) (6,761 ) Return of investment — — — — — (23,377 ) (23,377 ) Income (loss) from operating affiliates 396 (8 ) (8 ) (12 ) 1,077 4,081 5,526 As at September 30, 2015 $ 4,997 $ 699 $ 1,035 $ 711 $ 31,675 $ 220,711 $ 259,828 Three Months Ended September 30, 2014 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat ILS funds Total As at June 30, 2014 $ 4,172 $ 2,204 $ 2,580 $ 25,014 $ 139,022 $ 172,992 Return of investment — (1,516 ) (6 ) — — (1,522 ) (Loss) income from operating affiliates (5 ) (9 ) 7 1,367 2,401 3,761 As at September 30, 2014 $ 4,167 $ 679 $ 2,581 $ 26,381 $ 141,423 $ 175,231 Nine Months Ended September 30, 2015 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds Total As at December 31, 2014 $ 4,606 $ 735 $ 1,068 $ 28,085 $ 25,600 $ 137,883 $ 197,977 Purchase of shares — — — — 2,400 8,000 10,400 Gain on redemption of shares — — — — — (6,761 ) (6,761 ) Return of investment — — — (27,264 ) — (23,377 ) (50,641 ) Fair value of retained interest on deconsolidation of AlphaCat ILS fund — — — — — 96,770 96,770 Income (loss) from operating affiliates 391 (36 ) (33 ) (110 ) 3,675 8,196 12,083 As at September 30, 2015 $ 4,997 $ 699 $ 1,035 $ 711 $ 31,675 $ 220,711 $ 259,828 Nine Months Ended September 30, 2014 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat ILS funds Total As at December 31, 2013 $ 9,809 $ 1,313 $ 51,744 $ 21,982 $ 21,895 $ 106,743 Return of investment (5,825 ) (1,516 ) (51,206 ) — — (58,547 ) Fair value of retained interest on deconsolidation of AlphaCat ILS fund — — — — 113,455 113,455 Income from operating affiliates 183 882 2,043 4,399 6,073 13,580 As at September 30, 2014 $ 4,167 $ 679 $ 2,581 $ 26,381 $ 141,423 $ 175,231 The following table presents the Company's investments in AlphaCat Re 2011, AlphaCat Re 2012, AlphaCat 2013, AlphaCat 2014, AlphaCat 2015 and the AlphaCat ILS funds in the Consolidated Financial Statements as at September 30, 2015 : Investment in operating affiliates Cost Voting ownership % Equity ownership % Carrying value AlphaCat Re 2011 $ 4,997 43.7 % 22.3 % $ 4,997 AlphaCat Re 2012 699 49.0 % 37.9 % 699 AlphaCat 2013 1,035 40.9 % 19.7 % 1,035 AlphaCat 2014 711 42.3 % 19.6 % 711 AlphaCat 2015 28,000 40.0 % 20.0 % 31,675 AlphaCat ILS funds 214,484 n/a (a) 220,711 Total $ 249,926 $ 259,828 (a) Equity ownership in the funds was 7.6% , 19.4% , 9.1% and 32.5% as at September 30, 2015 . The following table presents the Company's investments in AlphaCat Re 2011, AlphaCat Re 2012, AlphaCat 2013, AlphaCat 2014, AlphaCat 2015 and the AlphaCat ILS funds in the Consolidated Financial Statements as at December 31, 2014 : Investment in operating affiliates Cost Voting ownership % Equity ownership % Carrying value AlphaCat Re 2011 $ 4,606 43.7 % 22.3 % $ 4,606 AlphaCat Re 2012 735 49.0 % 37.9 % 735 AlphaCat 2013 1,068 40.9 % 19.7 % 1,068 AlphaCat 2014 22,000 42.3 % 19.6 % 28,085 AlphaCat 2015 25,600 40.0 % 20.0 % 25,600 AlphaCat ILS funds 133,091 n/a (a) 137,883 Total $ 187,100 $ 197,977 (a) Equity ownership in the funds was 7.9% , 39.7% and 9.1% as at December 31, 2014 . (c) Notes payable and (income) attributable to AlphaCat investors Notes are issued during the course of a year by AlphaCat Master Fund and AlphaCat Re to AlphaCat 2014, AlphaCat 2015, the AlphaCat ILS funds (collectively the "feeder funds") and AlphaCat direct in order to fund the purchase of capital market products and to write collateralized reinsurance on their behalf. The underlying capital market products and collateralized reinsurance typically have at least a twelve month duration; however, they do not have a stated maturity date. Since repayment is dependent on the settlement of the underlying transactions, the notes are subsequently redeemed as the underlying transactions are settled. The Company’s investments in the feeder funds, together with investments made by third parties in the feeder funds and on a direct basis, are provided as consideration for these notes to AlphaCat Master Fund and AlphaCat Re, which are consolidated in the Company’s Consolidated Financial Statements. The effective economic interest in AlphaCat Master Fund and AlphaCat Re that results from these transactions is represented on the Consolidated Balance Sheet as notes payable to AlphaCat investors. The subsequent income or loss generated by the relevant capital market products or collateralized reinsurance is transferred to the operating affiliates and other third party investors as (income) loss attributable to AlphaCat investors in the Company’s Consolidated Statements of Comprehensive Income. The notes do not have any principal amount, since the final amount payable is dependent on the income or loss. To the extent that the (income) loss attributable to AlphaCat investors has not been returned to investors, it is included in accounts payable and accrued expenses in the Consolidated Balance Sheets. The following tables present a reconciliation of the beginning and ending notes payable to AlphaCat investors for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds AlphaCat direct Total As at June 30, 2015 $ — $ 145,985 $ 1,235,328 $ — $ 1,381,313 Issuance of notes payable to AlphaCat investors — 8,491 68,244 75,770 152,505 Redemption of notes payable to AlphaCat investors — — (87,615 ) — (87,615 ) Foreign exchange gain — (143 ) (2,698 ) (164 ) (3,005 ) As at September 30, 2015 $ — $ 154,333 $ 1,213,259 $ 75,606 $ 1,443,198 Three Months Ended September 30, 2014 AlphaCat 2014 AlphaCat ILS funds Total As at June 30, 2014 $ 157,992 $ 464,958 $ 622,950 Issuance of notes payable to AlphaCat investors — 53,498 53,498 Redemption of notes payable to AlphaCat investors — (13,990 ) (13,990 ) Foreign exchange gain (410 ) (6,072 ) (6,482 ) As at September 30, 2014 $ 157,582 $ 498,394 $ 655,976 Nine Months Ended September 30, 2015 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds AlphaCat direct Total As at December 31, 2014 $ 157,384 $ — $ 514,081 $ — $ 671,465 Notes payable to AlphaCat investors recognized on deconsolidation of AlphaCat ILS fund — — 179,316 — 179,316 Issuance of notes payable to AlphaCat investors — 154,358 1,077,661 75,770 1,307,789 Redemption of notes payable to AlphaCat investors (157,074 ) — (551,985 ) — (709,059 ) Foreign exchange gain (310 ) (25 ) (5,814 ) (164 ) (6,313 ) As at September 30, 2015 $ — $ 154,333 $ 1,213,259 $ 75,606 $ 1,443,198 Nine Months Ended September 30, 2014 AlphaCat 2013 AlphaCat 2014 AlphaCat ILS funds Total As at December 31, 2013 $ 223,809 $ — $ 215,463 $ 439,272 Notes payable to AlphaCat investors recognized on deconsolidation of AlphaCat ILS fund — — 178,837 178,837 Issuance of notes payable to AlphaCat investors — 157,914 487,329 645,243 Redemption of notes payable to AlphaCat investors (223,512 ) — (378,556 ) (602,068 ) Foreign exchange gain (297 ) (332 ) (4,679 ) (5,308 ) As at September 30, 2014 $ — $ 157,582 $ 498,394 $ 655,976 The portion of notes payable to AlphaCat investors that was due to the Company, as an investor in the operating affiliates, and third party investors as at September 30, 2015 amounted to $234,751 and $1,208,447 , respectively (December 31, 2014 : $148,264 and $523,201 ). The following table presents the (income) attributable to AlphaCat investors for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, AlphaCat 2013 $ — $ (98 ) $ — $ (14,218 ) AlphaCat 2014 — (11,309 ) (255 ) (32,990 ) AlphaCat 2015 (8,862 ) — (27,446 ) — AlphaCat ILS funds (29,956 ) (14,400 ) (65,202 ) (35,625 ) AlphaCat direct (1,438 ) — (1,438 ) — (Income) attributable to AlphaCat investors $ (40,256 ) $ (25,807 ) $ (94,341 ) $ (82,833 ) The portion of income attributable to AlphaCat investors that was due to the Company, as an investor in the operating affiliates, and third party investors for the three months ended September 30, 2015 amounted to $6,623 and $33,633 , respectively ( 2014 : $4,993 and $20,814 ). The portion of income attributable to AlphaCat investors that was due to the Company, as an investor in the operating affiliates, and third party investors for the nine months ended September 30, 2015 amounted to $15,031 and $79,310 , respectively ( 2014: $16,552 and $66,281 ).

Noncontrolling interest

Noncontrolling interest	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling interest	Noncontrolling interest On April 2, 2012, the Company joined with other investors in capitalizing PaCRe Ltd. ("PaCRe"), a Class 4 Bermuda reinsurer formed for the purpose of writing high excess property catastrophe reinsurance. The Company has an equity interest of 10% and the remaining 90% interest is held by third party investors. The Company has a majority voting equity interest in PaCRe and as a result, the financial statements of PaCRe are included in the Consolidated Financial Statements of the Company. The portion of PaCRe’s earnings attributable to third party investors is recorded in the Consolidated Statements of Comprehensive Income as net (income) attributable to noncontrolling interest. PaCRe's shareholder rights do not include redemption features within the control of the third party shareholders. The third party equity is recorded in the Company’s Consolidated Balance Sheets as noncontrolling interest. The AlphaCat ILS funds have rights that enable shareholders, subject to certain limitations, to redeem their shares. The third party equity is therefore recorded in the Company’s Consolidated Balance Sheets as redeemable noncontrolling interest. When and if a redemption notice is received, the fair value of the redemption is reclassified to a liability. On June 1, 2015, the one remaining consolidated AlphaCat ILS fund was deconsolidated and accounted for as an equity method investment. Therefore, the portion of earnings attributable to third party investors from that fund is recorded in the Consolidated Statements of Comprehensive Income as net (income) attributable to noncontrolling interest through May 31, 2015. The following tables present a reconciliation of the beginning and ending balances of redeemable noncontrolling interest and noncontrolling interest for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 Redeemable noncontrolling interest Noncontrolling interest Total As at June 30, 2015 $ — $ 510,090 $ 510,090 Loss attributable to noncontrolling interest — (71,663 ) (71,663 ) As at September 30, 2015 $ — $ 438,427 $ 438,427 Three Months Ended September 30, 2014 Redeemable noncontrolling interest Noncontrolling interest Total As at June 30, 2014 $ 66,282 $ 575,347 $ 641,629 Issuance of shares 4,200 — 4,200 Loss attributable to noncontrolling interest (9 ) (53,060 ) (53,069 ) As at September 30, 2014 $ 70,473 $ 522,287 $ 592,760 Nine Months Ended September 30, 2015 Redeemable noncontrolling interest Noncontrolling interest Total As at December 31, 2014 $ 79,956 $ 458,595 $ 538,551 Issuance of shares 55,700 — 55,700 Income (loss) attributable to noncontrolling interest 5,126 (20,168 ) (15,042 ) Adjustment to noncontrolling interest as a result of deconsolidation (121,387 ) — (121,387 ) Redemption of shares (19,395 ) — (19,395 ) As at September 30, 2015 $ — $ 438,427 $ 438,427 Nine Months Ended September 30, 2014 Redeemable noncontrolling interest Noncontrolling interest Total As at December 31, 2013 $ 86,512 $ 497,657 $ 584,169 Issuance of shares 61,200 — 61,200 Income attributable to noncontrolling interest 1,115 24,630 25,745 Adjustment to noncontrolling interest as a result of deconsolidation (78,354 ) — (78,354 ) As at September 30, 2014 $ 70,473 $ 522,287 $ 592,760

Derivative instruments

Derivative instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instruments	Derivative instruments The Company enters into derivative instruments for risk management purposes, specifically to hedge unmatched foreign currency exposures and interest rate exposures. As at September 30, 2015 , the Company held foreign currency forward contracts to mitigate the risk of fluctuations in the U.S. dollar against a number of foreign currencies. As at September 30, 2015 , the Company held two interest rate swaps to fix the payment of interest on the Company's 2006 and 2007 Junior Subordinated Deferrable Debentures, as well as three interest rate swaps and one cross-currency interest rate swap to fix the payment of interest and mitigate the foreign exchange rate impact on Flagstone's 2006 and 2007 Junior Subordinated Deferrable Debentures. As at September 30, 2015 , the Company held one foreign currency forward contract to mitigate the risk of fluctuations in the U.S. dollar against the Euro that was not designated as a hedging instrument. The following table summarizes information on the classification and amount of the fair value of derivatives not designated as hedging instruments on the Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 : As at September 30, 2015 As at December 31, 2014 Derivatives not designated as hedging instruments: Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Foreign currency forward contracts $ 23,346 $ 174 $ — $ 26,755 $ 1,685 $ — (a) Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses respectively on the Consolidated Balance Sheets. The net impact on earnings during the three and nine months ended September 30, 2015 , recognized in income within other income, relating to the foreign currency forward contract that was not designated as a hedging instrument was ($184) and ($311) , respectively ( 2014 : $nil and $nil ). The following table summarizes information on the classification and amount of the fair value of derivatives designated as hedging instruments on the Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 : As at September 30, 2015 As at December 31, 2014 Derivatives designated as hedging instruments: Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Foreign currency forward contracts $ 188,691 $ 1,390 $ 4,918 $ 189,026 $ 401 $ 3,136 Interest rate swap contracts $ 552,263 $ 21 $ 1,444 $ 552,263 $ 25 $ 1,169 (a) Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses, respectively on the Consolidated Balance Sheets. (a) Classification within the fair value hierarchy As described in Note 4 : " Fair value measurements " under U.S. GAAP, a company must determine the appropriate level in the fair value hierarchy for each fair value measurement. The assumptions used within the valuation of the Company's derivative instruments are observable in the marketplace, can be derived from observable data or are supported by observable levels at which other similar transactions are executed in the marketplace. Accordingly, these derivatives were classified within Level 2 of the fair value hierarchy. (b) Derivative instruments designated as a fair value hedge The Company designates certain foreign currency derivative instruments as fair value hedges and formally and contemporaneously documents all relationships between the derivative instruments and hedged items and links the derivative instruments to specific assets and liabilities. The Company assesses the effectiveness of the hedges, both at inception and on an on-going basis and determines whether the hedges are highly effective in offsetting changes in fair value of the linked hedged items. The following table provides the total impact on earnings, recognized in income within foreign exchange gains (losses), relating to the derivative instruments formally designated as fair value hedges along with the impact of the related hedged items for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended Foreign currency forward contracts September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Amount of loss recognized in income on derivative $ (4,175 ) $ (14,817 ) $ (21,965 ) $ (9,979 ) Amount of gain on hedged item recognized in income attributable to risk being hedged $ 4,175 $ 14,817 $ 21,965 $ 9,979 Amount of gain (loss) recognized in income on derivative (ineffective portion) $ — $ — $ — $ — (c) Derivative instruments designated as a cash flow hedge The Company designates its interest rate derivative instruments as cash flow hedges and formally and contemporaneously documents all relationships between the hedging instruments and hedged items and links the derivative instruments to specific assets and liabilities. The Company assesses the effectiveness of the hedges, both at inception and on an on-going basis and determines whether the hedges are highly effective in offsetting changes in fair value of the linked hedged items. The Company currently applies the long haul method when assessing the hedge's effectiveness. The following table provides the total impact on other comprehensive income (loss) and earnings relating to the derivative instruments formally designated as cash flow hedges along with the impact of the related hedged items for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended Interest rate swap contracts September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Amount of effective portion recognized in other comprehensive income $ 3,178 $ 3,302 $ 10,064 $ 9,762 Amount of effective portion subsequently reclassified to earnings $ (3,253 ) $ (3,302 ) $ (9,728 ) $ (9,762 ) Amount of ineffective portion excluded from effectiveness testing $ 75 $ — $ (336 ) $ — The above balances relate to interest payments and have therefore been classified as finance expenses in the Consolidated Statements of Comprehensive Income. (d) Balance sheet offsetting There was no balance sheet offsetting activity as at September 30, 2015 or December 31, 2014 . The Company currently provides cash collateral as security for interest rate swap contracts. The Company does not provide cash collateral or financial instruments as security for foreign currency forward contracts. Our derivative instruments are generally traded under International Swaps and Derivatives Association master netting agreements, which establish terms that apply to all transactions. On a periodic basis, the amounts receivable from or payable to the counterparties are settled in cash. The Company has not elected to settle multiple transactions with an individual counterparty on a net basis.

Reserve for losses and loss exp

Reserve for losses and loss expenses	9 Months Ended
	Sep. 30, 2015
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]
Reserve for losses and loss expenses	Reserve for losses and loss expenses Reserves for losses and loss expenses are based in part upon the estimation of case reserves from broker, insured and ceding company reported data. The Company also uses statistical and actuarial methods to estimate ultimate expected losses and loss expenses, from which incurred but not reported losses can be calculated. The period of time from the occurrence of a loss to the reporting of a loss to the Company and to the settlement of the Company's liability may be several months or years. During this period, additional facts and trends may be revealed. As these factors become apparent, reserves will be adjusted, sometimes requiring an increase or decrease in the overall reserves of the Company, and at other times requiring a reallocation of incurred but not reported reserves to specific case reserves. These estimates are reviewed and adjusted regularly, and such adjustments, if any, are reflected in earnings in the period in which they become known. While management believes that it has made a reasonable estimate of ultimate losses, there can be no assurances that ultimate losses and loss expenses will not exceed this estimate. The following table represents an analysis of paid and unpaid losses and loss expenses incurred and a reconciliation of the beginning and ending unpaid losses and loss expenses for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Reserve for losses and loss expenses, beginning of period $ 3,187,177 $ 2,867,307 $ 3,234,394 $ 3,030,399 Losses and loss expenses recoverable (376,665 ) (338,734 ) (377,466 ) (370,154 ) Net reserves for losses and loss expenses, beginning of period 2,810,512 2,528,573 2,856,928 2,660,245 Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in: Current year 349,759 279,690 1,011,111 713,177 Prior years (a) (91,501 ) (55,565 ) (245,778 ) (167,636 ) Total incurred losses and loss expenses (a) 258,258 224,125 765,333 545,541 Less net losses and loss expenses paid in respect of losses occurring in: Current year (63,151 ) (74,618 ) (105,216 ) (99,326 ) Prior years (207,514 ) (183,697 ) (700,507 ) (633,048 ) Total net paid losses (270,665 ) (258,315 ) (805,723 ) (732,374 ) Foreign exchange gain (13,983 ) (40,717 ) (32,416 ) (19,746 ) Net reserve for losses and loss expenses, end of period 2,784,122 2,453,666 2,784,122 2,453,666 Losses and loss expenses recoverable 385,212 298,502 385,212 298,502 Reserve for losses and loss expenses, end of period $ 3,169,334 $ 2,752,168 $ 3,169,334 $ 2,752,168 Incurred losses and loss expenses comprise: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Gross losses and loss expenses (a) $ 285,871 $ 222,356 $ 854,438 $ 587,111 Reinsurance recoverable (27,613 ) 1,769 (89,105 ) (41,570 ) Net incurred losses and loss expenses (a) $ 258,258 $ 224,125 $ 765,333 $ 545,541 (a) Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was amortized to income through a reduction in losses and loss expenses of $2,524 and $8,639 during the three and nine months ended September 30, 2015 , respectively. The remaining fair value adjustment of $2,340 will be amortized during the remainder of 2015. The September 30, 2015 gross reserves balances comprise reserves for reported claims of $1,295,473 ( December 31, 2014 : $1,495,323 ) and reserves for claims incurred but not reported of $1,873,861 ( December 31, 2014 : $1,739,071 ). The net favorable development on prior years by segment and line of business for the three and nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended September 30, 2015 Property Marine Specialty Liability Total (a) Validus Re $ (27,613 ) $ (13,556 ) $ (9,306 ) $ — $ (50,475 ) Talbot (9,706 ) (14,854 ) (11,412 ) — (35,972 ) Western World (b) (1,054 ) — — (4,000 ) (5,054 ) Net favorable development (b) $ (38,373 ) $ (28,410 ) $ (20,718 ) $ (4,000 ) $ (91,501 ) (a) AlphaCat has not had any development on prior accident years. (b) Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was amortized to income through a reduction in losses and loss expenses of $2,524 during the three months ended September 30, 2015 . The remaining fair value adjustment of $2,340 will be amortized during the remainder of 2015. The Validus Re segment experienced favorable development on prior years primarily due to favorable development on events, including Superstorm Sandy, Hurricane Ike and the 2010 Chilean earthquake, along with favorable development on attritional losses. The Talbot segment experienced favorable development on prior years primarily due to favorable development on attritional losses. The Western World segment experienced favorable development on prior years primarily due to the amortization of the fair value adjustment made at the acquisition date as well as favorable development on attritional losses. Three Months Ended September 30, 2014 Property Marine Specialty Total (a) Validus Re $ (16,384 ) $ (2,843 ) $ (913 ) $ (20,140 ) Talbot (13,285 ) (11,922 ) (10,218 ) (35,425 ) Net favorable development $ (29,669 ) $ (14,765 ) $ (11,131 ) $ (55,565 ) (a) AlphaCat has not had any development on prior accident years. The Validus Re and Talbot segments experienced favorable development on prior years primarily due to favorable development on attritional losses. Nine Months Ended September 30, 2015 Property Marine Specialty Liability Total Validus Re $ (58,437 ) $ (29,225 ) $ (18,388 ) $ — $ (106,050 ) AlphaCat (844 ) — — — (844 ) Talbot (47,141 ) (51,178 ) (24,926 ) — (123,245 ) Western World (a) (4,648 ) — — (10,991 ) (15,639 ) Net favorable development (a) $ (111,070 ) $ (80,403 ) $ (43,314 ) $ (10,991 ) $ (245,778 ) (a) Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was amortized to income through a reduction in losses and loss expenses of $8,639 during the nine months ended September 30, 2015 . The remaining fair value adjustment of $2,340 will be amortized during the remainder of 2015. The Validus Re segment experienced favorable development on prior years primarily due to favorable development on events and attritional losses. The Talbot segment experienced favorable development on prior years primarily due to favorable development on attritional losses and certain events, including the Thailand floods, which was a 2011 notable loss event. The Western World segment experienced favorable development on prior years primarily due to the amortization of the fair value adjustment made at the acquisition date as well as favorable development on attritional losses. Nine Months Ended September 30, 2014 Property Marine Specialty Total Validus Re $ (50,598 ) $ (5,213 ) $ (1,025 ) $ (56,836 ) AlphaCat (11,608 ) — — (11,608 ) Talbot (43,905 ) (18,191 ) (37,096 ) (99,192 ) Net favorable development $ (106,111 ) $ (23,404 ) $ (38,121 ) $ (167,636 ) The Validus Re segment experienced favorable development on prior years primarily due to favorable development on attritional losses, partially offset by an increase in the loss estimate on agriculture losses. The AlphaCat segment experienced favorable development on prior years primarily due to the partial release of a 2013 aggregate excess of loss contract. The Talbot segment experienced favorable development on prior years primarily due to a combination of favorable development on attritional losses and notable loss events, primarily the Tohoku earthquake.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2015
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The Company enters into reinsurance and retrocession agreements in order to mitigate its accumulation of loss, reduce its liability on individual risks, enable it to underwrite policies with higher limits and increase its aggregate capacity. The cession of insurance and reinsurance does not legally discharge the Company from its primary liability for the full amount of the policies, and the Company is required to pay the loss and bear collection risk if the reinsurer fails to meet its obligations under the reinsurance or retrocession agreement. Amounts recoverable from reinsurers are estimated in a manner consistent with the underlying liabilities. Credit risk The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from its exposure to individual reinsurers. The reinsurance program is generally placed with reinsurers whose rating, at the time of placement, was A- or better as rated by Standard & Poor's or the equivalent with other rating agencies. Exposure to a single reinsurer is also controlled with restrictions dependent on rating. At September 30, 2015 , 98.7% ( December 31, 2014 : 98.0% ) of reinsurance recoverables (which includes loss reserves recoverable and recoverables on paid losses and $241,283 of total IBNR recoverable ( December 31, 2014 : $231,129 )) were fully collateralized or from reinsurers rated A- or better. Reinsurance recoverables by reinsurer as at September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Reinsurance Recoverable % of Total Reinsurance Recoverable % of Total Top 10 reinsurers $ 330,550 81.2 % $ 312,205 75.1 % Other reinsurers’ balances > $1 million 67,209 16.5 % 94,247 22.7 % Other reinsurers’ balances < $1 million 9,134 2.3 % 9,092 2.2 % Total $ 406,893 100.0 % $ 415,544 100.0 % September 30, 2015 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Swiss Re AA- $ 78,548 19.3 % Lloyd's Syndicates A+ 71,085 17.5 % Everest Re A+ 47,395 11.6 % Hannover Re AA- 42,706 10.5 % Fully Collateralized NR 27,604 6.8 % Munich Re AA- 19,063 4.7 % Hamilton Re A- 12,613 3.1 % Transatlantic Re A+ 11,921 2.9 % National Indemnity Company AA+ 10,293 2.5 % XL Re A+ 9,322 2.3 % Total $ 330,550 81.2 % NR: Not rated December 31, 2014 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Swiss Re AA- $ 70,848 17.0 % Lloyd's Syndicates A+ 62,318 15.0 % Everest Re A+ 51,425 12.4 % Hannover Re AA- 40,927 9.8 % Fully Collateralized NR 23,315 5.6 % Munich Re AA- 19,384 4.7 % Transatlantic Re A+ 12,418 3.0 % XL Re A+ 11,114 2.7 % Berkshire Hathaway Homestate AA+ 10,372 2.5 % Merrimack Mutual Fire Insurance A+ 10,084 2.4 % Total $ 312,205 75.1 % NR: Not rated At September 30, 2015 and December 31, 2014 , the provision for uncollectible reinsurance relating to reinsurance recoverables was $5,069 and $4,755 , respectively. To estimate the provision for uncollectible reinsurance, the reinsurance recoverable is first allocated to applicable reinsurers. This determination is based on a process rather than an estimate, although an element of judgment is applied, especially in relation to ceded IBNR. The Company then uses default factors to determine the portion of a reinsurer’s balance deemed to be uncollectible. Default factors require considerable judgment and are determined in part using the current rating, or rating equivalent, of each reinsurer as well as other key considerations and assumptions.

Share capital

Share capital	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Share capital	Share capital (a) Authorized and issued The Company’s authorized share capital is 571,428,571 common shares with a par value of $0.175 per share. The holders of common shares are entitled to receive dividends. Holders of common shares are allocated one vote per share , provided that, if the controlled shares of any shareholder or group of related shareholders constitute more than 9.09 percent of the outstanding common shares of the Company, their voting power will be reduced to 9.09 percent. The Company may from time to time repurchase its securities, including common shares, Junior Subordinated Deferrable Debentures and Senior Notes. On February 3, 2015, the Board of Directors of the Company approved an increase in the Company's common share purchase authorization to $750,000 . This amount is in addition to the $2,274,401 of common shares repurchased by the Company through February 3, 2015 under its previously authorized share repurchase programs. The Company has repurchased 74,797,775 common shares for an aggregate purchase price of $2,435,218 from the inception of its share repurchase program to September 30, 2015 . The Company had $589,183 remaining under its authorized share repurchase program as of September 30, 2015 . The Company expects the purchases under its share repurchase program to be made from time to time in the open market or in privately negotiated transactions. The timing, form and amount of the share repurchases under the program will depend on a variety of factors, including market conditions, the Company’s capital position relative to internal and rating agency targets, legal requirements and other factors. The repurchase program may be modified, extended or terminated by the Board of Directors at any time. The following table is a summary of the common shares issued and outstanding: Common Shares Common shares issued, December 31, 2014 155,554,224 Restricted share awards vested, net of shares withheld 610,714 Restricted share units vested, net of shares withheld 13,260 Options exercised 782,465 Warrants exercised 1,461,715 Direct issuance of common stock 639 Performance share awards vested, net of shares withheld 11,524 Common shares issued, September 30, 2015 158,434,541 Treasury shares, September 30, 2015 (76,436,650 ) Common shares outstanding, September 30, 2015 81,997,891 Common Shares Common shares issued, December 31, 2013 154,488,497 Restricted share awards vested, net of shares withheld 594,582 Restricted share units vested, net of shares withheld 10,265 Options exercised 133,385 Direct issuance of common stock 1,060 Performance share awards vested, net of shares withheld 25,767 Common shares issued, September 30, 2014 155,253,556 Treasury shares, September 30, 2014 (66,141,285 ) Common shares outstanding, September 30, 2014 89,112,271 (b) Warrants During the nine months ended September 30, 2015 , 1,796,793 warrants were exercised, which resulted in the issuance of 1,461,715 common shares. During the nine months ended September 30, 2014 , no warrants were exercised. Holders of the outstanding warrants are entitled to exercise the warrants in whole or in part at any time until the expiration date. All outstanding warrants are due to expire on December 12, 2015. The total outstanding warrants at September 30, 2015 were 3,377,320 ( December 31, 2014 : 5,174,114 ). No further warrants are anticipated to be issued. (c) Dividends On August 5, 2015 , the Company announced a quarterly cash dividend of $0.32 ( 2014 : $0.30 ) per common share and $0.32 per common share equivalent for which each outstanding warrant is exercisable. This dividend was paid on September 30, 2015 to holders of record on September 15, 2015 . On May 7, 2015 , the Company announced a quarterly cash dividend of $0.32 ( 2014 : $0.30 ) per common share and $0.32 per common share equivalent for which each outstanding warrant is exercisable. This dividend was paid on June 30, 2015 to holders of record on June 15, 2015 . On February 3, 2015, the Company announced a quarterly cash dividend of $0.32 (2014: $0.30 ) per common share and $0.32 per common share equivalent for which each outstanding warrant is exercisable. This dividend was paid on March 31, 2015 to holders of record on March 13, 2015.

Stock plans

Stock plans	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock plans	Stock plans (a) Long Term Incentive Plan and Short Term Incentive Plan The Company’s Amended and Restated 2005 Long Term Incentive Plan (“LTIP”) provides for grants to employees of options, stock appreciation rights (“SARs”), restricted shares, restricted share units, performance shares, dividend equivalents or other share-based awards. In addition, the Company may issue restricted share awards or restricted share units in connection with awards issued under its annual Short Term Incentive Plan (“STIP”). The total number of shares reserved for issuance under the LTIP and STIP are 14,976,896 shares of which 1,988,523 shares remain available for issuance at September 30, 2015 . The LTIP and STIP are administered by the Compensation Committee of the Board of Directors. No SARs have been granted to date. Grant prices are established at the fair market value of the Company’s common shares at the date of grant. i. Options Options may be exercised for voting common shares upon vesting. Options have a life of 10 years and vest either pro rata or at the end of the required service period from the date of grant. Fair value of the option awards at the date of grant is determined using the Black-Scholes option-pricing model. Expected volatility is based on stock price volatility of comparable publicly-traded companies. The Company used the simplified method consistent with U.S. GAAP authoritative guidance on stock compensation expenses to estimate expected lives for options granted during the period as historical exercise data was not available and the options met the requirement as set out in the guidance. The Company has not granted any stock options since September 4, 2009. There were no share compensation expenses in respect of options recognized for the three and nine months ended September 30, 2015 and 2014 . Activity with respect to options for the nine months ended September 30, 2015 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, December 31, 2014 1,160,057 $ 7.12 $ 17.74 Options exercised (1,094,656 ) 7.09 17.60 Options outstanding, September 30, 2015 65,401 $ 7.74 $ 20.17 Activity with respect to options for the nine months ended September 30, 2014 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, December 31, 2013 1,572,713 $ 6.66 $ 18.88 Options exercised (133,385 ) 3.81 25.10 Options outstanding, September 30, 2014 1,439,328 $ 6.93 $ 18.30 At September 30, 2015 and December 31, 2014 , there were no unrecognized share compensation expenses in respect of options. ii. Restricted share awards Restricted shares granted under the LTIP and STIP vest either pro rata or at the end of the required service period and contain certain restrictions during the vesting period, relating to, among other things, forfeiture in the event of termination of employment and transferability. The Company recognized share compensation expenses during the three and nine months ended September 30, 2015 of $9,081 ( 2014 : $8,180 ) and $26,213 ( 2014 : $23,101 ), respectively. The expenses represent the proportionate accrual of the fair value of each grant based on the remaining vesting period. Activity with respect to unvested restricted share awards for the nine months ended September 30, 2015 was as follows: Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, December 31, 2014 2,858,711 $ 35.81 Restricted share awards granted 706,341 43.58 Restricted share awards vested (783,704 ) 34.40 Restricted share awards forfeited (52,642 ) 38.03 Restricted share awards outstanding, September 30, 2015 2,728,706 $ 38.19 Activity with respect to unvested restricted share awards for the nine months ended September 30, 2014 was as follows: Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, December 31, 2013 2,684,745 $ 33.74 Restricted share awards granted 925,610 37.33 Restricted share awards vested (769,971 ) 31.47 Restricted share awards forfeited (69,117 ) 36.28 Restricted share awards outstanding, September 30, 2014 2,771,267 $ 35.50 At September 30, 2015 , there were $77,222 ( December 31, 2014 : $74,670 ) of total unrecognized share compensation expenses in respect of restricted share awards that are expected to be recognized over a weighted-average period of 2.6 years ( December 31, 2014 : 2.7 years ). iii. Restricted share units Restricted share units under the LTIP and STIP vest either ratably or at the end of the required service period and contain certain restrictions during the vesting period, relating to, among other things, forfeiture in the event of termination of employment and transferability. The Company recognized share compensation expenses during the three and nine months ended September 30, 2015 of $310 ( 2014 : $269 ) and $851 ( 2014 : $602 ), respectively. The expenses represent the proportionate accrual of the fair value of each grant based on the remaining vesting period. Activity with respect to unvested restricted share units for the nine months ended September 30, 2015 was as follows: Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, December 31, 2014 103,484 $ 36.54 Restricted share units granted 28,057 42.91 Restricted share units vested (19,455 ) 34.58 Restricted share units issued in lieu of cash dividends 2,337 37.21 Restricted share units forfeited (892 ) 35.42 Restricted share units outstanding, September 30, 2015 113,531 $ 38.47 Activity with respect to unvested restricted share units for the nine months ended September 30, 2014 was as follows: Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, December 31, 2013 66,518 $ 33.74 Restricted share units granted 53,025 38.10 Restricted share units vested (18,325 ) 30.71 Restricted share units issued in lieu of cash dividends 1,479 34.19 Restricted share units outstanding, September 30, 2014 102,697 $ 36.54 At September 30, 2015 , there were $3,085 ( December 31, 2014 : $2,774 ) of total unrecognized share compensation expenses in respect of restricted share units that are expected to be recognized over a weighted-average period of 2.8 years ( December 31, 2014 : 3.1 years ). iv. Performance share awards The performance share awards contain a performance based component. The performance component relates to the compounded growth in the Dividend Adjusted Diluted Book Value per Share (“DBVPS”) over a three -year period relative to the Company's peer group. For performance share awards granted during the period, the grant date Diluted Book Value per Share is based on the DBVPS at the end of the most recent financial reporting year. The Dividend Adjusted Performance Period End DBVPS will be the DBVPS three years after the grant date DBVPS. The fair value estimate earns over the requisite attribution period and the estimate will be reassessed at the end of each performance period which will reflect any adjustments in the consolidated statements of comprehensive income in the period in which they are determined. The Company recognized share compensation expenses during the three and nine months ended September 30, 2015 of $592 ( 2014 : $315 ) and $1,215 ( 2014 : $549 ), respectively. Activity with respect to unvested performance share awards for the nine months ended September 30, 2015 was as follows: Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, December 31, 2014 106,369 $ 36.03 Performance share awards granted 81,569 45.03 Performance share awards vested (15,344 ) 31.38 Performance share awards outstanding, September 30, 2015 172,594 $ 40.70 Activity with respect to unvested performance share awards for the nine months ended September 30, 2014 was as follows: Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, December 31, 2013 101,820 $ 33.56 Performance share awards granted 52,639 37.33 Performance share awards vested (32,746 ) 32.62 Performance share awards conversion adjustment (15,344 ) $ 31.38 Performance share awards outstanding, September 30, 2014 106,369 $ 36.03 At September 30, 2015 , there were $4,559 ( December 31, 2014 : $2,232 ) of total unrecognized share compensation expenses in respect of performance share awards that are expected to be recognized over a weighted-average period of 2.3 years ( December 31, 2014 : 2.1 years ). (b) Total share compensation expenses The breakdown of share compensation expenses by award type for the periods indicated was as follows: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Restricted share awards $ 9,081 $ 8,180 26,213 23,101 Restricted share units 310 269 851 602 Performance share awards 592 315 1,215 549 Total $ 9,983 $ 8,764 $ 28,279 $ 24,252

Debt and financing arrangements

Debt and financing arrangements	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt and financing arrangements	Debt and financing arrangements (a) Financing structure The financing structure at September 30, 2015 was: Commitment Issued and outstanding (a) Drawn 2006 Junior Subordinated Deferrable Debentures $ 150,000 $ 150,000 $ 150,000 2007 Junior Subordinated Deferrable Debentures 200,000 139,800 139,800 Flagstone 2006 Junior Subordinated Deferrable Debentures 134,504 134,504 134,504 Flagstone 2007 Junior Subordinated Deferrable Debentures 113,750 113,750 113,750 Total debentures payable 598,254 538,054 538,054 2010 Senior Notes due 2040 250,000 250,000 247,387 Total debentures and senior notes payable 848,254 788,054 785,441 $400,000 syndicated unsecured letter of credit facility 400,000 — — $525,000 syndicated secured letter of credit facility 525,000 244,358 — $30,000 secured bi-lateral letter of credit facility 30,000 10,172 — Talbot FAL facility 25,000 25,000 — AlphaCat Re secured letter of credit facility 30,000 30,000 — IPC bi-lateral facility 25,000 10,782 — $230,000 Flagstone bi-lateral facility 230,000 205,593 — Total credit and other facilities 1,265,000 525,905 — Total debt and financing arrangements $ 2,113,254 $ 1,313,959 $ 785,441 The financing structure at December 31, 2014 was: Commitment Issued and outstanding (a) Drawn 2006 Junior Subordinated Deferrable Debentures $ 150,000 $ 150,000 $ 150,000 2007 Junior Subordinated Deferrable Debentures 200,000 139,800 139,800 Flagstone 2006 Junior Subordinated Deferrable Debentures 135,727 135,727 135,727 Flagstone 2007 Junior Subordinated Deferrable Debentures 113,750 113,750 113,750 Total debentures payable 599,477 539,277 539,277 2010 Senior Notes due 2040 250,000 250,000 247,306 Total debentures and senior notes payable 849,477 789,277 786,583 $400,000 syndicated unsecured letter of credit facility 400,000 — — $525,000 syndicated secured letter of credit facility 525,000 276,455 — $200,000 secured bi-lateral letter of credit facility 200,000 15,649 — Talbot FAL facility 25,000 25,000 — PaCRe senior secured letter of credit facility 10,000 294 — AlphaCat Re secured letter of credit facility 30,000 30,000 — IPC bi-lateral facility 40,000 15,897 — $375,000 Flagstone bi-lateral facility 375,000 198,389 — Total credit and other facilities 1,605,000 561,684 — Total debt and financing arrangements $ 2,454,477 $ 1,350,961 $ 786,583 (a) Indicates utilization of commitment amount, not necessarily drawn borrowings. (b) Senior notes and junior subordinated deferrable debentures The following table summarizes the key terms of the Company's senior notes and junior subordinated deferrable debentures as at the issuance date for each placement. Description Issuance date Commitment Maturity date Fixed/Spread Interest payments due 2006 Junior Subordinated Deferrable Debentures June 15, 2006 $ 150,000 June 15, 2036 9.069 % (a) Quarterly Flagstone 2006 Junior Subordinated Deferrable Debentures August 23, 2006 $ 134,504 September 15, 2036 3.540 % (b) Quarterly 2007 Junior Subordinated Deferrable Debentures June 21, 2007 $ 200,000 June 15, 2037 8.480 % (a) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures June 8, 2007 $ 88,750 July 30, 2037 3.000 % (b) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures September 20, 2007 $ 25,000 September 15, 2037 3.100 % (b) Quarterly 2010 Senior Notes due 2040 January 26, 2010 $ 250,000 January 26, 2040 8.875 % (a) Semi-annually in arrears (a) Fixed interest rate. (b) Variable interest rate is the three-month LIBOR, reset quarterly, plus spread as noted in the table. The following table summarizes the key terms of the Company's senior notes and junior subordinated deferrable debentures as at September 30, 2015 : Description Issuance date Commitment Maturity date Fixed/Spread Interest payments due 2006 Junior Subordinated Deferrable Debentures June 15, 2006 $ 150,000 June 15, 2036 5.831 % (b) Quarterly Flagstone 2006 Junior Subordinated Deferrable Debentures August 23, 2006 $ 134,482 September 15, 2036 6.463 % (b) Quarterly 2007 Junior Subordinated Deferrable Debentures June 21, 2007 $ 200,000 June 15, 2037 5.180 % (b) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures June 8, 2007 $ 88,750 July 30, 2037 5.900 % (b) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures September 20, 2007 $ 25,000 September 15, 2037 5.983 % (b) Quarterly 2010 Senior Notes due 2040 January 26, 2010 $ 250,000 January 26, 2040 8.875 % (a) Semi-annually in arrears (a) Fixed interest rate. (b) Interest rate has been fixed as a result of interest rate swap contracts entered into by the Company. Senior Notes The Senior Notes due 2040 (the “2010 Senior Notes”) were part of a registered public offering. The 2010 Senior Notes mature on January 26, 2040. The Company may redeem the notes, in whole at any time, or in part from time to time, at the Company's option on not less than 30 nor more than 60 days’ notice, at a make-whole redemption price as described in “Description of the Notes - Optional Redemption” in the 2010 Senior Notes prospectus supplement. In addition, the Company may redeem the notes, in whole, but not in part, at any time upon the occurrence of certain tax events as described in “Description of the Notes - Redemption for Tax Purposes” in the prospectus supplement. Debt issuance costs were deferred as an asset and are amortized over the life of the 2010 Senior Notes. There were no redemptions made during the three and nine months ended September 30, 2015 and 2014 . The 2010 Senior Notes are unsecured and unsubordinated obligations of the Company and rank equally in right of payment with all of the Company’s existing and future unsecured and unsubordinated indebtedness. The 2010 Senior Notes will be effectively junior to all of the Company’s future secured debt, to the extent of the value of the collateral securing such debt, and will rank senior to all our existing and future subordinated debt. The 2010 Senior Notes are structurally subordinated to all obligations of the Company’s subsidiaries. Future payments of principal of $250,000 on the 2010 Senior Notes are all expected to be after 2020. Junior subordinated deferrable debentures The Company participated in private placements of junior subordinated deferrable interest debentures due 2036 and 2037 (respectively, the “2006 Junior Subordinated Deferrable Debentures” and “2007 Junior Subordinated Deferrable Debentures”). Debt issuance costs for the 2006 and 2007 Junior Subordinated Deferrable Debentures were deferred as an asset and were amortized to income over the five year optional redemption periods. They are redeemable at the Company's option at par. There were no redemptions made during the three and nine months ended September 30, 2015 and 2014 . As part of the acquisition of Flagstone, the Company assumed junior subordinated deferrable debentures due 2036 and 2037 (respectively, the “Flagstone 2006 Junior Subordinated Deferrable Debentures” and “Flagstone 2007 Junior Subordinated Deferrable Debentures”). These debentures are redeemable quarterly at par. There were no redemptions made during the three and nine months ended September 30, 2015 and 2014 . Future payments of principal of $538,054 on the debentures discussed above are all expected to be after 2020. (c) Credit facilities i. $400,000 syndicated unsecured letter of credit facility and $525,000 syndicated secured letter of credit facility On March 9, 2012 , the Company entered into a $400,000 four -year unsecured credit facility with various counter parties as co-documentation agents and the lenders party thereto, which provides for letter of credit and revolving credit availability for the Company (the “Four Year Unsecured Facility”) (the full $400,000 of which is available for letters of credit and/or revolving loans). The Four Year Unsecured Facility was provided by a syndicate of commercial banks. Letters of credit under the Four Year Unsecured Facility are available to support obligations in connection with the insurance business of the Company and its subsidiaries. Loans under the Four Year Unsecured Facility are available for the general corporate and working capital purposes of the Company. The Company may request that existing lenders under the Four Year Unsecured Facility or prospective additional lenders agree to make available additional commitments from time to time so long as the aggregate commitments under the Four Year Unsecured Facility do not exceed $500,000 . Also on March 9, 2012 , the Company entered into a $525,000 four -year secured credit facility, with the same parties, which provides for letter of credit availability for the Company (the “Four Year Secured Facility” and together with the Four Year Unsecured Facility, the “Credit Facilities”). The Four Year Secured Facility was also provided by a syndicate of commercial banks. Letters of credit under the Four Year Secured Facility will be available to support obligations in connection with the insurance business of the Company. The Company may request that existing lenders under the Four Year Secured Facility or prospective additional lenders agree to make available additional commitments from time to time so long as the aggregate commitments under the Four Year Secured Facility do not exceed $700,000 . The obligations of the Company under the Four Year Secured Facility are secured by cash and securities deposited into cash collateral accounts from time to time with The Bank of New York Mellon. As of September 30, 2015 , there were $244,358 in outstanding letters of credit under the Four Year Secured Facility (December 31, 2014 : $276,455 ) and $nil (December 31, 2014 : $nil ) outstanding under the Four Year Unsecured Facility. The Credit Facilities contain covenants that include, among other things (i) the requirement that the Company initially maintain a minimum level of consolidated net worth of at least $2,600,000 and, commencing with the end of the fiscal quarter ending March 31, 2012 , to be increased quarterly by an amount equal to 50.0% of the Company’s consolidated net income (if positive) for such quarter plus 50.0% of the aggregate increases in the consolidated shareholders’ equity of the Company during such fiscal quarter by reason of the issuance and sale of common equity interests of the Company, including upon any conversion of debt securities of the Company into such equity interests, (ii) the requirement that the Company maintain at all times a consolidated total debt to consolidated total capital ratio not greater than 0.35:1.00 , and (iii) the requirement that Validus Reinsurance, Ltd. and any other material insurance subsidiaries maintain a financial strength rating by A.M. Best of not less than “B++” (Fair). In addition, the Credit Facilities contain customary negative covenants applicable to the Company, including limitations on the ability to pay dividends and other payments in respect of equity interests at any time that the Company is otherwise in default with respect to certain provisions under the respective Credit Facilities, limitations on the ability to incur liens, sell assets, merge or consolidate with others, enter into transactions with affiliates, and limitations on the ability of its subsidiaries to incur indebtedness. The Credit Facilities also contain customary affirmative covenants, representations and warranties and events of default for credit facilities of its type. As of September 30, 2015 , and throughout the reporting periods presented, the Company was in compliance with all covenants and restrictions under the Credit Facilities. ii. $25,000 Talbot FAL facility On November 19, 2013, Validus Holdings, Ltd. (“Validus Holdings”), as Guarantor, and its wholly-owned subsidiary, Talbot Holdings Ltd. (“Talbot Holdings”), as Borrower, entered into an Amendment and Restatement Agreement relating to its $25,000 Funds-at-Lloyd’s Standby Letter of Credit Facility (the “Facility”) which amends the Facility to support underwriting capacity provided to Talbot 2002 Underwriting Ltd through Syndicate 1183 at Lloyd’s of London for the 2015 and prior underwriting years of account (the “Restated Facility”). The Restated Facility was provided and arranged by Lloyds Bank plc and ING Bank N.V., London Branch. The Restated Facility provides for the issuance of up to $25,000 (denominated in US Dollars or Pound Sterling) of secured letters of credit to be issued for the benefit of Lloyd’s of London. The Restated Facility contains affirmative covenants that include, among other things, (i) the requirement that Validus Holdings and its subsidiaries initially maintain a minimum level of consolidated net worth of at least $3,225,727 , and commencing with the fiscal quarter ending September 30, 2013 , to be increased quarterly by an amount equal to 50% of our consolidated net income (if positive) for such quarter plus 50% of the aggregate increases in our consolidated shareholder’s equity interests by reason of issuance and sale of Validus Holdings’ common equity interests including upon any conversion of Validus Holdings’ debt securities into equity interests during such quarter and (ii) the requirement that Validus Holdings and its subsidiaries maintain at all times a consolidated total debt to consolidated total capitalization ratio not greater than 0.35:1.00 . The Restated Facility defines net worth to include preferred and preference securities and “hybrid” securities (which includes Validus Holdings’ and its Flagstone subsidiaries’ Junior Subordinated Deferrable Debentures). The Restated Facility also requires that Talbot Holdings maintain at least $300,000 of its own Funds at Lloyd’s, and to obtain a letter of comfort from Lloyd’s of London confirming that Lloyd’s of London will take into account a requested order of drawdown to drawdown Talbot Holdings’ own Funds at Lloyd’s ahead of letters of credit issued under the Facility. The Restated Facility also contains restrictions on Validus Holdings’ ability to pay dividends and other payments in respect of equity interests at any time that it is otherwise in default under the Facility (with certain exceptions for dividends in respect of preferred securities and hybrid securities, which are only limited during the continuance of certain specified defaults), incur debt at its subsidiaries level, transact with affiliates, incur liens, sell assets and merge or consolidate with others and other restrictions customary for transactions of this type, in each case subject to agreed exceptions. Secured letter of credit availability under the Restated Facility is subject to a borrowing base limitation comprised of (a) the aggregate amount of cash and eligible securities owned by Validus Reinsurance, Ltd. and placed in a collateral account subject to a customary account control agreement in favor of the lenders and agents under the Restated Facility multiplied by (b) an agreed upon advance rate applicable for each category of cash and eligible securities. Obligations in respect of secured letters of credit under the Restated Facility are secured by a first-priority security interest on the cash and eligible securities comprising the borrowing base in favor of the trustee under the Restated Facility. The Restated Facility contains representations and warranties customary for facilities of this type. The Restated Facility also contains customary events of default including without limitation, with agreed grace periods and thresholds, failure to make payments due under the Restated Facility, material inaccuracy of representations and warranties, breach of covenants, cross defaults to material indebtedness, bankruptcy defaults, judgments defaults, and failure to maintain certain material insurance licenses. As of September 30, 2015 , the Company had $25,000 (December 31, 2014 : $25,000 ) in outstanding letters of credit under the Talbot FAL facility. As of September 30, 2015 , and throughout the reporting periods presented, the Company was in compliance with all covenants and restrictions under the Talbot FAL facility. iii. $25,000 IPC bi-lateral facility The Company assumed an existing evergreen letter of credit facility through the acquisition of IPC Holdings, Ltd. (the "IPC bi-lateral facility"). As of September 30, 2015 , there were $10,782 outstanding letters of credit issued under the IPC bi-lateral facility (December 31, 2014 : $15,897 ). As of September 30, 2015 , and throughout the reporting periods presented, the Company was in compliance with all covenants and restrictions under the IPC bi-lateral facility. iv. $30,000 secured bi-lateral letter of credit facility The Company is party to an evergreen secured bi-lateral letter of credit facility with Citibank Europe plc (the “Secured bi-lateral letter of credit facility”). As of September 30, 2015 , $10,172 (December 31, 2014 : $15,649 ) of letters of credit were outstanding under the Secured bi-lateral letter of credit facility. The Secured bi-lateral letter of credit facility has no fixed termination date and as of September 30, 2015 , and throughout the reporting periods presented, the Company is in compliance with all terms and covenants thereof. During the period ended March 31, 2015 the size of the facility was decreased to $30,000 from $200,000 . v. $10,000 PaCRe senior secured letter of credit facility On May 11, 2012, PaCRe and its subsidiary, PaCRe Investments, Ltd. entered into a secured evergreen credit and letter of credit facility with JPMorgan Chase Bank, N.A. This facility provides for revolving borrowings by PaCRe and for letters of credit issued by PaCRe to be used to support its reinsurance obligations. This facility was terminated on May 29, 2015 ; therefore, as of September 30, 2015 , $nil (December 31, 2014 : $294 ) letters of credit were outstanding under this facility. PaCRe was in compliance with all covenants and restrictions thereof through the termination date. vi. $30,000 AlphaCat Re secured letter of credit facility In 2013, AlphaCat Re entered into a secured evergreen letter of credit facility with Comerica Bank. This facility provided for letters of credit issued by AlphaCat Re to be used to support its reinsurance obligations in the aggregate amount of $24,800 . During the period ended March 31, 2014 the size of the facility was increased to $30,000 from $24,800 . As of September 30, 2015 , $30,000 (December 31, 2014 : $30,000 ) of letters of credit were outstanding under this facility. As of September 30, 2015 , and throughout the reporting periods presented, AlphaCat Re was in compliance with all covenants and restrictions thereof. vii. $230,000 Flagstone bi-lateral facility As part of the Flagstone Acquisition, the Company assumed an evergreen Letters of Credit Master Agreement between Citibank Europe Plc and Flagstone Reassurance Suisse, S.A. (the “Flagstone Bi-Lateral Facility”). At September 30, 2015 , the Flagstone Bi-Lateral Facility had $205,593 (December 31, 2014 : $198,389 ) letters of credit issued and outstanding. As of September 30, 2015 , and throughout the reporting periods presented, the Company was in compliance with all covenants and restrictions under the Flagstone Bi-Lateral Facility. During the period ended March 31, 2015 the size of the facility was decreased to $230,000 from $375,000 . (d) Finance expenses Finance expenses consist of interest on the junior subordinated deferrable debentures and senior notes, the amortization of debt offering costs, credit facilities fees, bank charges, AlphaCat financing fees and Talbot FAL costs as follows: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2006 Junior Subordinated Deferrable Debentures $ 2,235 $ 2,235 $ 6,633 $ 6,633 2007 Junior Subordinated Deferrable Debentures 1,848 1,848 5,492 5,492 Flagstone 2006 Junior Subordinated Deferrable Debentures 2,274 2,269 6,735 6,736 Flagstone 2007 Junior Subordinated Deferrable Debentures 1,807 1,807 5,335 5,335 2010 Senior Notes due 2040 5,597 5,597 16,791 16,791 Credit facilities 1,293 1,295 4,193 4,225 Bank charges 76 88 337 303 AlphaCat fees (a) 2,348 384 9,456 2,030 Talbot FAL Facility 20 (169 ) 113 (165 ) Total finance expenses $ 17,498 $ 15,354 $ 55,085 $ 47,380 (a) Includes finance expenses incurred by AlphaCat Managers, Ltd. in relation to fund raising for AlphaCat direct, the AlphaCat ILS funds, AlphaCat 2015 and AlphaCat 2014.

Accumulated other comprehensive

Accumulated other comprehensive loss	9 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive loss	Accumulated other comprehensive loss The changes in accumulated other comprehensive loss, by component for the three and nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended September 30, 2015 Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Balance beginning of period, net of tax $ (8,374 ) $ (53 ) $ (639 ) $ (9,066 ) Net current period other comprehensive (loss) income, net of tax (1,850 ) (28 ) 75 (1,803 ) Balance end of period, net of tax $ (10,224 ) $ (81 ) $ (564 ) $ (10,869 ) Three Months Ended September 30, 2014 Foreign currency translation adjustment Total Balance beginning of period, net of tax $ 2,460 $ 2,460 Net current period other comprehensive loss, net of tax (5,198 ) (5,198 ) Balance end of period, net of tax $ (2,738 ) $ (2,738 ) Nine Months Ended September 30, 2015 Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Balance beginning of period, net of tax $ (8,118 ) $ (210 ) $ (228 ) $ (8,556 ) Net current period other comprehensive (loss) income, net of tax (2,106 ) 129 (336 ) (2,313 ) Balance end of period, net of tax $ (10,224 ) $ (81 ) $ (564 ) $ (10,869 ) Nine Months Ended September 30, 2014 Foreign currency translation adjustment Total Balance beginning of period, net of tax $ (617 ) $ (617 ) Net current period other comprehensive loss, net of tax (2,121 ) (2,121 ) Balance end of period, net of tax $ (2,738 ) $ (2,738 )

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies (a) Concentrations of credit risk The Company attempts to limit its credit exposure by purchasing high quality fixed income investments to maintain a minimum weighted-average portfolio credit rating of A+ . In addition, the portfolio limits the amount of “risk assets,” such as non-investment grade debt and equity securities, to a maximum of 35% of shareholders’ equity. The Company also limits its exposure to any single issuer to 3.75% or less of total cash and investments, excluding government and agency securities, depending on the credit rating of the issuer. With the exception of the Company's non-investment grade bank loan portfolio, which represents 7.7% of total managed cash and investments as at September 30, 2015 , and certain capital securities issued by investment grade corporations, the minimum credit rating of any security purchased is Baa3/BBB- . Managed cash and investments consist of total cash and investments less restricted cash, assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interests. In total, investments in below investment grade securities are limited to no more than 15% of the Company's managed cash and investment portfolio. As at September 30, 2015 , 9.5% of the Company's total managed cash and investment portfolio was below investment grade. The Company did not have an aggregate exposure to any single issuer of more than 0.7% of total cash and investments, other than with respect to government and agency securities as at September 30, 2015 . (b) Funds at Lloyd's The amounts provided under the Talbot FAL Facility would become a liability of the Company in the event of Syndicate 1183 declaring a loss at a level which would call on this arrangement. Talbot operates in Lloyd’s through a corporate member, Talbot 2002 Underwriting Capital Ltd (“T02”), which is the sole participant in Syndicate 1183. Lloyd’s sets T02’s required capital annually based on Syndicate 1183’s business plan, rating environment and reserving environment together with input arising from Lloyd’s discussions with, inter alia, regulatory and rating agencies. Such capital, called Funds at Lloyd’s (“FAL”), comprises: cash, investments and undrawn letters of credit provided by various banks. The amounts of cash, investments and letters of credit provided for each year of account as follows: 2015 Underwriting Year 2014 Underwriting Year Talbot FAL facility $ 25,000 $ 25,000 Group funds 570,100 450,000 Total $ 595,100 $ 475,000 The amounts which are provided as FAL are not available for distribution to the Company for the payment of dividends. Talbot’s corporate member may also be required to maintain funds under the control of Lloyd’s in excess of its capital requirement and such funds also may not be available for distribution to the Company for the payment of dividends. See Note 3 (d) for investments pledged as collateral. (c) Lloyd's Central Fund Whenever a member of Lloyd's is unable to pay its debts to policyholders, such debts may be payable by the Lloyd's Central Fund. If Lloyd's determines that the Central Fund needs to be increased, it has the power to assess premium levies on current Lloyd's members up to 3% of a member's underwriting capacity in any one year. The Company does not believe that any assessment is likely in the foreseeable future and has not provided any allowance for such an assessment. However, based on the Company's 2015 estimated premium income at Lloyd's of £625,000 , at the September 30, 2015 exchange rate of £1 equals $1.51 and assuming the maximum 3% assessment, the Company would be assessed approximately $28,313 . (d) Investment in affiliate commitments As discussed in Note 5 " Investments in affiliates ," on December 20, 2011 the Company entered into an Assignment and Assumption Agreement with Aquiline Capital Partners LLC, pursuant to which it assumed total capital commitments of $50,000 . This interest is governed by the terms of an Amended and Restated Exempted Limited Partnership Agreement dated as of January 9, 2013. The Company’s remaining commitment at September 30, 2015 was $4,085 ( December 31, 2014 : $7,500 ). On October 2, 2014, the Company assumed an additional investment in Aquiline Capital Partners II GP (Offshore) Ltd. as part of the Western World acquisition representing a total capital commitment of $10,000 . This interest is governed by the terms of an Amended and Restated Exempted Limited Partnership Agreement dated as of January 9, 2013. The Company's remaining capital commitment at September 30, 2015 was $817 ( December 31, 2014 : $1,499 ). On November 7, 2014, the Company entered into a Subscription Agreement with Aquiline Capital Partners III GP (Offshore) Ltd., pursuant to which it assumed total capital commitments of $100,000 in respect of Limited Partnership Interests in Aquiline Financial Services Fund III L.P. (the "Fund"). The Limited Partnership Interests are governed by the terms of the Aquiline III Limited Partnership Agreement dated November 7, 2014. The Company’s remaining commitment at September 30, 2015 was $86,110 ( December 31, 2014 : $100,000 ). On December 29, 2014, the Company entered into an agreement with AlphaCat 2015 pursuant to which it assumed total capital commitments of $28,000 . The Company’s remaining commitment at September 30, 2015 was $nil ( December 31, 2014 : $2,400 ). On December 29, 2014, the Company entered into an agreement with an AlphaCat ILS fund pursuant to which it assumed total capital commitments of $20,000 . The Company’s remaining commitment at September 30, 2015 was $nil ( December 31, 2014 : $8,000 ). (e) Fixed maturity commitment As at September 30, 2015 , the Company had an outstanding commitment to participate in certain secured loan facilities through participation agreements with an established loan originator. The undrawn amount under the revolver facility participations as at September 30, 2015 was $28,831 ( December 31, 2014 : $7,539 ). (f) Other investment commitments As at September 30, 2015 , the Company had capital commitments in private equity investments of $153,000 ( December 31, 2014 : $153,000 ). The Company's remaining commitment to these investments at September 30, 2015 was $76,519 ( December 31, 2014 : $83,712 ). (g) Multi-Beneficiary Reinsurance Trust ("MBRT") In December 2014, the Company established an MBRT to collateralize its (re)insurance liabilities associated with and for the benefit of U.S. domiciled cedants, and was approved as a trusteed reinsurer in the State of New Jersey. As at September 30, 2015 , the Company was approved in a total of 46 jurisdictions. As a result, cedants domiciled in those jurisdictions will receive automatic credit in their regulatory filings for reinsurance provided by the Company. (h) Income tax examinations The Company has open examinations by the U.K. HM Revenue and Customs for the tax years 2011 to 2013 and the Company believes that these examinations will be concluded within the next 12 months.

Related party transactions

Related party transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related party transactions	Related party transactions The transactions listed below are classified as related party transactions as principals and/or directors of each counter party are members of the Company's board of directors. Aquiline Capital Partners, LLC and its related companies ("Aquiline"), which hold warrants to purchase 2,756,088 shares, and have two employees on the Company's Board of Directors who do not receive compensation from the Company, are shareholders of Group Ark Insurance Holdings Ltd. ("Group Ark"). Christopher E. Watson, a director of the Company, serves as a director of Group Ark. Pursuant to reinsurance agreements with a subsidiary of Group Ark, the Company recognized gross premiums written during the three and nine months ended September 30, 2015 of $322 ( 2014 : $246 ) and $2,718 ( 2014 : $2,190 ), respectively with $1,484 included in premiums receivable at September 30, 2015 ( December 31, 2014 : $335 ). The Company also recognized reinsurance premiums ceded during the three and nine months ended September 30, 2015 of $23 ( 2014 : $127 ) and $24 ( 2014 : $127 ) and had reinsurance balances payable of $4 at September 30, 2015 ( December 31, 2014 : $4 ). The Company recorded $815 of loss reserves recoverable at September 30, 2015 ( December 31, 2014 : $1,063 ). Earned premium adjustments of $870 ( 2014 : $694 ) and $2,187 ( 2014 : $1,653 ) were recorded during the three and nine months ended September 30, 2015 . On November 24, 2009, the Company entered into an Investment Management Agreement with Conning, Inc. ("Conning") to manage a portion of the Company's investment portfolio. Aquiline acquired Conning on June 16, 2009. Jeffrey W. Greenberg, a director of the Company, serves as a director of Conning Holdings Corp., the parent company of Conning. During the three months ended September 30, 2015, Aquiline disposed of its investment in Conning. Therefore, effective September 30, 2015, Conning was no longer a related party. Investment management fees earned by Conning for the three and nine months ended September 30, 2015 were $436 and $841 , respectively. Investment management fees earned by Conning for the three and nine months ended September 30, 2014 were ($7) and $219 respectively, with $515 included in accounts payable and accrued expenses at December 31, 2014 . On December 20, 2011, the Company entered into an Assignment and Assumption Agreement (the "Agreement") with Aquiline Capital Partners LLC, a Delaware limited liability company (the "Assignor") and Aquiline Capital Partners II GP (Offshore) Ltd., a Cayman Islands company limited by shares (the "General Partner") pursuant to which the Company has assumed 100% of the Assignor's interest in Aquiline Financial Services Fund II L.P. (the "Aquiline II Partnership") representing a total capital commitment of $50,000 (the "Aquiline II Commitment"), as a limited partner in the Partnership (the "Transferred Interest"). On October 2, 2014, the Company assumed an additional investment in the Aquiline II Partnership as part of the Western World acquisition representing a total capital commitment of $10,000 . Messrs. Greenberg and Watson, directors of the Company, serve as managing principal and senior principal, respectively, of Aquiline Capital Partners LLC. For the three and nine months ended September 30, 2015 , the Company incurred $155 ( 2014 : $nil ) and $1,092 ( 2014 : $nil ) in partnership fees and made net capital (distributions) contributions of ($3,684) ( 2014 : $nil ) and $5,293 ( 2014 : $nil ), with $nil included in accounts payable and accrued expenses at September 30, 2015 ( December 31, 2014 : $nil ). On November 7, 2014, the Company, entered into a Subscription Agreement (the "Subscription Agreement") with Aquiline Capital Partners III GP (Offshore) Ltd., a Cayman Islands company limited by shares (the "Aquiline III General Partner") pursuant to which the Company is committing and agreeing to purchase limited partnership or other comparable limited liability equity interests (the "Limited Partnership Interests") in Aquiline Financial Services Fund III L.P., a Cayman Islands exempted limited partnership (the "Aquiline III Partnership"), and/or one or more Alternative Investment Vehicles and Intermediate Entities (together with the Aquiline III Partnership, the "Fund" or the "Entities") with a capital commitment (the "Aquiline III Commitment") in an amount equal to $100,000 , as a limited partner in the Aquiline Financial Services III Partnership. For the three months ended September 30, 2015 , the Company incurred partnership fees of $nil and made net capital distributions of ($345) . For the nine months ended September 30, 2015 , the Company incurred partnership fees of $nil and made net capital contributions of $13,793 , with $nil included in accounts payable and accrued expenses at September 30, 2015 ( December 31, 2014 : $nil ). Certain shareholders of the Company and their affiliates, as well as employers of entities associated with directors or officers have purchased insurance and/or reinsurance from the Company in the ordinary course of business. The Company believes these transactions were settled for arm's length consideration.

Earnings per share

Earnings per share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings per share	Earnings per share The following table sets forth the computation of basic and earnings per diluted share for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Basic earnings per share Net (loss) income $ (5,013 ) $ (13,397 ) $ 289,032 $ 381,172 Loss (income) attributable to noncontrolling interest 71,663 53,069 15,042 (25,745 ) Net income available to Validus 66,650 39,672 304,074 355,427 Less: Dividends and distributions declared on outstanding warrants (1,080 ) (1,552 ) (3,566 ) (4,656 ) Income available to common shareholders $ 65,570 $ 38,120 $ 300,508 $ 350,771 Weighted average number of common shares outstanding 82,635,316 90,593,329 83,296,703 91,665,950 Basic earnings per share available to common shareholders $ 0.79 $ 0.42 $ 3.61 $ 3.83 Earnings per diluted share Net (loss) income $ (5,013 ) $ (13,397 ) $ 289,032 $ 381,172 Loss (income) attributable to noncontrolling interest 71,663 53,069 15,042 (25,745 ) Net income available to Validus 66,650 39,672 304,074 355,427 Less: Dividends and distributions declared on outstanding warrants — (1,552 ) — — Income available to common shareholders $ 66,650 $ 38,120 $ 304,074 $ 355,427 Weighted average number of common shares outstanding 82,635,316 90,593,329 83,296,703 91,665,950 Share equivalents: Warrants 2,054,378 — 2,290,892 2,747,399 Stock options 47,702 760,267 190,429 752,145 Unvested restricted shares 892,098 586,014 1,063,903 772,147 Weighted average number of diluted common shares outstanding 85,629,494 91,939,610 86,841,927 95,937,641 Earnings per diluted share available to common shareholders $ 0.78 $ 0.41 $ 3.50 $ 3.70 Share equivalents that would result in the issuance of 25,237 common shares ( 2014 : 4,712 ) were outstanding for the nine months ended September 30, 2015 , but were not included in the computation of earnings per diluted share because the effect would be antidilutive.

Segment information

Segment information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment information	Segment information The Company conducts its operations worldwide through four operating segments, which have been determined under U.S. GAAP segment reporting to be Validus Re, AlphaCat, Talbot and Western World. The Company’s operating segments are strategic business units that offer different products and services. They are managed and have capital allocated separately because each segment requires different strategies. Validus Re Segment The Validus Re segment is focused on short-tail lines of reinsurance. The primary lines in which the segment conducts business are property, marine and specialty which includes agriculture, aerospace and aviation, financial lines of business, nuclear, terrorism, life, accident & health, workers’ compensation, crisis management, contingency, motor, technical lines, composite and trade credit. AlphaCat Segment The AlphaCat segment manages strategic relationships that leverage the Company’s underwriting and investment expertise and earns management, performance and underwriting fees primarily from the Company’s operating affiliates and other third party investors, AlphaCat Re 2011, AlphaCat Re 2012, AlphaCat 2013, AlphaCat 2014 and AlphaCat 2015, as well as PaCRe, the AlphaCat ILS funds, the BetaCat ILS funds and AlphaCat direct. Talbot Segment The Talbot segment focuses on a wide range of marine and energy, war, political violence, commercial property, financial lines, contingency, accident & health and aviation classes of business on an insurance or facultative reinsurance basis and principally property, aerospace and marine classes of business on a treaty reinsurance basis. Western World Segment The Western World segment is focused on providing commercial insurance products on a surplus lines and specialty admitted basis. Western World specializes in underwriting classes of business that are not easily placed in the standard insurance market due to their complexity, high hazard, or unusual nature; including general liability, property and professional liability classes of business. Corporate and eliminations The Company has a corporate function ("Corporate"), which includes the activities of the parent company, and which carries out certain functions for the group. Corporate includes ‘non-core’ underwriting expenses, predominantly general and administrative and stock compensation expenses. Corporate also denotes the activities of certain key executives such as the Chief Executive Officer and Chief Financial Officer. For internal reporting purposes, corporate is reflected separately, however corporate is not considered an operating segment under these circumstances. Other reconciling items include, but are not limited to, the elimination of inter segment revenues and expenses and unusual items that are not allocated to segments. The following tables summarize the results of our operating segments and "Corporate": Three Months Ended September 30, 2015 Validus Re Segment AlphaCat Segment Talbot Segment Western World Segment Corporate & Eliminations Total Underwriting income Gross premiums written $ 102,913 $ 9,448 $ 226,025 $ 70,871 $ (7,576 ) $ 401,681 Reinsurance premiums ceded (15,462 ) — (35,823 ) (4,716 ) 7,576 (48,425 ) Net premiums written 87,451 9,448 190,202 66,155 — 353,256 Change in unearned premiums 153,210 35,276 15,942 (2,225 ) — 202,203 Net premiums earned 240,661 44,724 206,144 63,930 — 555,459 Underwriting deductions Losses and loss expenses 120,958 2,076 94,414 40,810 — 258,258 Policy acquisition costs 42,989 4,658 44,575 13,214 (345 ) 105,091 General and administrative expenses 19,964 4,674 43,292 9,587 18,482 95,999 Share compensation expenses 2,691 141 3,214 554 3,383 9,983 Total underwriting deductions 186,602 11,549 185,495 64,165 21,520 469,331 Underwriting income (loss) $ 54,059 $ 33,175 $ 20,649 $ (235 ) $ (21,520 ) $ 86,128 Net investment income 18,362 1,533 6,457 5,634 (462 ) 31,524 Other insurance related income (loss) 2,569 7,522 470 248 (652 ) 10,157 Finance expenses (3,624 ) (2,355 ) (57 ) — (11,462 ) (17,498 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors 71,366 39,875 27,519 5,647 (34,096 ) 110,311 Tax benefit (expense) 851 — (1,141 ) (2,431 ) 703 (2,018 ) Income from operating affiliates — 5,526 — — — 5,526 (Income) attributable to AlphaCat investors — (40,256 ) — — — (40,256 ) Net operating income (loss) $ 72,217 $ 5,145 $ 26,378 $ 3,216 $ (33,393 ) $ 73,563 Net realized (losses) gains on investments (1,512 ) (40,673 ) 199 80 — (41,906 ) Change in net unrealized (losses) gains on investments (6,257 ) (36,673 ) 1,263 6,406 353 (34,908 ) Income from investment affiliate 1,842 — — 640 — 2,482 Foreign exchange (losses) gains (441 ) 57 (3,682 ) — 1,792 (2,274 ) Other loss (1,970 ) — — — — (1,970 ) Net income (loss) $ 63,879 $ (72,144 ) $ 24,158 $ 10,342 $ (31,248 ) $ (5,013 ) Net loss attributable to noncontrolling interest — 71,663 — — — 71,663 Net income (loss) available (attributable) to Validus $ 63,879 $ (481 ) $ 24,158 $ 10,342 $ (31,248 ) $ 66,650 Selected ratios (a): Net premiums written / Gross premiums written 85.0 % 100.0 % 84.2 % 93.3 % 87.9 % Losses and loss expenses 50.3 % 4.6 % 45.8 % 63.8 % 46.5 % Policy acquisition costs 17.9 % 10.4 % 21.6 % 20.7 % 18.9 % General and administrative expenses (b) 9.4 % 10.8 % 22.6 % 15.9 % 19.1 % Expense ratio 27.3 % 21.2 % 44.2 % 36.6 % 38.0 % Combined ratio 77.6 % 25.8 % 90.0 % 100.4 % 84.5 % Total assets $ 4,441,212 $ 2,313,667 $ 2,923,237 $ 1,475,881 $ 81,966 $ 11,235,963 (a) Ratios are based on net premiums earned. (b) The general and administrative expense ratio includes share compensation expenses. Three Months Ended September 30, 2014 Validus Re Segment (c) AlphaCat Segment Talbot Segment Corporate & Eliminations (c) Total Underwriting income Gross premiums written $ 114,380 $ 6,936 $ 245,685 $ (8,027 ) $ 358,974 Reinsurance premiums ceded (10,382 ) (648 ) (27,134 ) 8,027 (30,137 ) Net premiums written 103,998 6,288 218,551 — 328,837 Change in unearned premiums 122,712 28,850 14,297 — 165,859 Net premiums earned 226,710 35,138 232,848 — 494,696 Underwriting deductions Losses and loss expenses 102,005 3,738 118,382 — 224,125 Policy acquisition costs 36,177 3,378 47,862 (1,013 ) 86,404 General and administrative expenses 18,522 7,719 37,709 19,369 83,319 Share compensation expenses 2,582 179 2,990 3,013 8,764 Total underwriting deductions 159,286 15,014 206,943 21,369 402,612 Underwriting income (loss) $ 67,424 $ 20,124 $ 25,905 $ (21,369 ) $ 92,084 Net investment income 20,270 837 4,965 (811 ) 25,261 Other insurance related income (loss) 863 5,980 109 (3,342 ) 3,610 Finance expenses (3,622 ) (385 ) 162 (11,509 ) (15,354 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors 84,935 26,556 31,141 (37,031 ) 105,601 Tax benefit (expense) 1,058 — 332 (437 ) 953 Income from operating affiliates — 3,761 — — 3,761 (Income) attributable to AlphaCat investors — (25,807 ) — — (25,807 ) Net operating income (loss) $ 85,993 $ 4,510 $ 31,473 $ (37,468 ) $ 84,508 Net realized gains on investments 1,641 2,563 391 — 4,595 Change in net unrealized losses on investments (21,624 ) (60,253 ) (3,097 ) — (84,974 ) Income from investment affiliate 1,754 — — — 1,754 Foreign exchange (losses) gains (6,056 ) (51 ) (7,114 ) 1,780 (11,441 ) Other loss (7,690 ) — — — (7,690 ) Transaction expenses (d) — — — (149 ) (149 ) Net income (loss) $ 54,018 $ (53,231 ) $ 21,653 $ (35,837 ) $ (13,397 ) Net loss attributable to noncontrolling interest — 53,069 — — 53,069 Net income (loss) available (attributable) to Validus $ 54,018 $ (162 ) $ 21,653 $ (35,837 ) $ 39,672 Selected ratios (a): Net premiums written / Gross premiums written 90.9 % 90.7 % 89.0 % 91.6 % Losses and loss expenses 45.0 % 10.6 % 50.8 % 45.3 % Policy acquisition costs 16.0 % 9.6 % 20.6 % 17.5 % General and administrative expenses (b) 9.3 % 22.5 % 17.5 % 18.6 % Expense ratio 25.3 % 32.1 % 38.1 % 36.1 % Combined ratio 70.3 % 42.7 % 88.9 % 81.4 % Total assets $ 4,740,003 $ 1,688,191 $ 2,901,264 $ 749,678 $ 10,079,136 (a) Ratios are based on net premiums earned. (b) The general and administrative expense ratio includes share compensation expenses. (c) Beginning in the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $517 for the three months ended September 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis. (d) The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Western World results have not been included in the Company's consolidated results for the three months ended September 30, 2014 . Transaction expenses are primarily comprised of legal, financial advisory and audit related services. Nine Months Ended September 30, 2015 Validus Re Segment AlphaCat Segment Talbot Segment Western World Segment Corporate & Eliminations Total Underwriting income Gross premiums written $ 1,111,020 $ 176,129 $ 789,148 $ 207,372 $ (35,522 ) $ 2,248,147 Reinsurance premiums ceded (147,611 ) (4,538 ) (164,144 ) (13,390 ) 35,522 (294,161 ) Net premiums written 963,409 171,591 625,004 193,982 — 1,953,986 Change in unearned premiums (205,110 ) (54,196 ) 9,167 2,948 — (247,191 ) Net premiums earned 758,299 117,395 634,171 196,930 — 1,706,795 Underwriting deductions Losses and loss expenses 357,491 1,232 268,512 138,098 — 765,333 Policy acquisition costs 128,909 12,162 141,338 27,110 (1,367 ) 308,152 General and administrative expenses 58,254 12,202 115,341 29,137 49,056 263,990 Share compensation expenses 7,665 440 9,195 1,525 9,454 28,279 Total underwriting deductions 552,319 26,036 534,386 195,870 57,143 1,365,754 Underwriting income (loss) $ 205,980 $ 91,359 $ 99,785 $ 1,060 $ (57,143 ) $ 341,041 Net investment income 56,694 4,872 19,168 16,660 (1,241 ) 96,153 Other insurance related income (loss) 3,318 17,048 564 787 (3,580 ) 18,137 Finance expenses (11,068 ) (9,462 ) (231 ) — (34,324 ) (55,085 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors 254,924 103,817 119,286 18,507 (96,288 ) 400,246 Tax expense (14 ) — (4,286 ) (2,420 ) (412 ) (7,132 ) Income from operating affiliates — 12,083 — — — 12,083 (Income) attributable to AlphaCat investors — (94,341 ) — — — (94,341 ) Net operating income (loss) $ 254,910 $ 21,559 $ 115,000 $ 16,087 $ (96,700 ) $ 310,856 Net realized gains (losses) on investments 717 (40,544 ) 2,140 2,194 — (35,493 ) Change in net unrealized gains (losses) on investments 76 17,258 163 2,340 (71 ) 19,766 Income from investment affiliate 4,204 — — 1,338 — 5,542 Foreign exchange (losses) gains (6,571 ) (37 ) (4,949 ) — 2,496 (9,061 ) Other loss (2,578 ) — — — — (2,578 ) Net income (loss) $ 250,758 $ (1,764 ) $ 112,354 $ 21,959 $ (94,275 ) $ 289,032 Net loss attributable to noncontrolling interest — 15,042 — — — 15,042 Net income (loss) available (attributable) to Validus $ 250,758 $ 13,278 $ 112,354 $ 21,959 $ (94,275 ) $ 304,074 Selected ratios (a): Net premiums written / Gross premiums written 86.7 % 97.4 % 79.2 % 93.5 % 86.9 % Losses and loss expenses 47.1 % 1.0 % 42.4 % 70.1 % 44.8 % Policy acquisition costs 17.0 % 10.4 % 22.3 % 13.8 % 18.1 % General and administrative expenses (b) 8.7 % 10.8 % 19.6 % 15.6 % 17.1 % Expense ratio 25.7 % 21.2 % 41.9 % 29.4 % 35.2 % Combined ratio 72.8 % 22.2 % 84.3 % 99.5 % 80.0 % Total assets $ 4,441,212 $ 2,313,667 $ 2,923,237 $ 1,475,881 $ 81,966 $ 11,235,963 (a) Ratios are based on net premiums earned. (b) The general and administrative expense ratio includes share compensation expenses. Nine Months Ended September 30, 2014 Validus Re Segment (c) AlphaCat Segment Talbot Segment Corporate & Eliminations (c) Total Underwriting income Gross premiums written $ 1,081,816 $ 135,073 $ 854,324 $ (44,574 ) $ 2,026,639 Reinsurance premiums ceded (161,721 ) (4,348 ) (154,115 ) 44,574 (275,610 ) Net premiums written 920,095 130,725 700,209 — 1,751,029 Change in unearned premiums (233,271 ) (32,444 ) (41,658 ) — (307,373 ) Net premiums earned 686,824 98,281 658,551 — 1,443,656 Underwriting deductions Losses and loss expenses 247,848 (7,155 ) 304,848 — 545,541 Policy acquisition costs 106,547 9,414 138,383 (3,338 ) 251,006 General and administrative expenses 53,757 15,627 107,031 55,191 231,606 Share compensation expenses 7,126 330 8,434 8,362 24,252 Total underwriting deductions 415,278 18,216 558,696 60,215 1,052,405 Underwriting income (loss) $ 271,546 $ 80,065 $ 99,855 $ (60,215 ) $ 391,251 Net investment income 54,810 2,546 14,322 (1,769 ) 69,909 Other insurance related income (loss) 2,385 21,482 384 (7,793 ) 16,458 Finance expenses (11,131 ) (2,039 ) 68 (34,278 ) (47,380 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors 317,610 102,054 114,629 (104,055 ) 430,238 Tax benefit (expense) 1,176 — (902 ) (672 ) (398 ) Income from operating affiliates — 13,580 — — 13,580 (Income) attributable to AlphaCat investors — (82,833 ) — — (82,833 ) Net operating income (loss) $ 318,786 $ 32,801 $ 113,727 $ (104,727 ) $ 360,587 Net realized gains on investments 5,411 10,230 552 — 16,193 Change in net unrealized (losses) gains on investments (1,719 ) 15,706 2,159 — 16,146 Income from investment affiliate 7,881 — — — 7,881 Foreign exchange (losses) gains (9,384 ) (204 ) (5,897 ) 724 (14,761 ) Other loss (1,473 ) — — — (1,473 ) Transaction expenses (d) — — — (3,401 ) (3,401 ) Net income (loss) $ 319,502 $ 58,533 $ 110,541 $ (107,404 ) $ 381,172 Net (income) attributable to noncontrolling interest — (25,745 ) — — (25,745 ) Net income (loss) available (attributable) to Validus $ 319,502 $ 32,788 $ 110,541 $ (107,404 ) $ 355,427 Selected ratios (a): Net premiums written / Gross premiums written 85.1 % 96.8 % 82.0 % 86.4 % Losses and loss expenses 36.1 % (7.3 )% 46.3 % 37.8 % Policy acquisition costs 15.5 % 9.6 % 21.0 % 17.4 % General and administrative expenses (b) 8.9 % 16.2 % 17.5 % 17.7 % Expense ratio 24.4 % 25.8 % 38.5 % 35.1 % Combined ratio 60.5 % 18.5 % 84.8 % 72.9 % Total assets $ 4,740,003 $ 1,688,191 $ 2,901,264 $ 749,678 $ 10,079,136 (a) Ratios are based on net premiums earned. (b) The general and administrative expense ratio includes share compensation expenses. (c) Beginning in the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $22,353 for the nine months ended September 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis. (d) The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Western World results have not been included in the Company's consolidated results for the nine months ended September 30, 2014 . Transaction expenses are primarily comprised of legal, financial advisory and audit related services. The Company’s exposures are generally diversified across geographic zones. The following tables set forth the gross premiums written allocated to the territory of coverage exposure for the periods indicated: Three Months Ended September 30, 2015 Gross Premiums Written Validus Re AlphaCat Talbot Western World Eliminations Total % United States $ 34,578 $ 3,615 $ 21,886 $ 70,871 $ (296 ) $ 130,654 32.5 % Worldwide excluding United States (a) 5,409 100 30,721 — (139 ) 36,091 9.0 % Australia and New Zealand 480 — 3,520 — (92 ) 3,908 1.0 % Europe 6,142 22 7,839 — (78 ) 13,925 3.5 % Latin America and Caribbean 18,771 — 27,249 — (3,717 ) 42,303 10.5 % Japan — — 1,149 — (94 ) 1,055 0.3 % Canada 319 (30 ) 1,455 — (76 ) 1,668 0.4 % Rest of the world (b) 2,621 — 28,380 — (499 ) 30,502 7.6 % Sub-total, non United States 33,742 92 100,313 — (4,695 ) 129,452 32.3 % Worldwide including United States (a) 8,057 4,949 20,296 — (2,593 ) 30,709 7.6 % Other location non-specific (c) 26,536 792 83,530 — 8 110,866 27.6 % Total $ 102,913 $ 9,448 $ 226,025 $ 70,871 $ (7,576 ) $ 401,681 100.0 % Three Months Ended September 30, 2014 Gross Premiums Written Validus Re (d) AlphaCat Talbot Eliminations (d) Total % United States $ 27,394 $ 2,206 $ 17,003 $ 363 $ 46,966 13.1 % Worldwide excluding United States (a) 9,167 (81 ) 29,781 498 39,365 10.9 % Australia and New Zealand 494 — 3,312 (23 ) 3,783 1.1 % Europe 7,540 312 9,821 708 18,381 5.1 % Latin America and Caribbean 15,394 — 24,740 (3,268 ) 36,866 10.3 % Japan 1,635 22 1,274 (45 ) 2,886 0.8 % Canada 179 — 2,430 (71 ) 2,538 0.7 % Rest of the world (b) (138 ) — 27,145 592 27,599 7.7 % Sub-total, non United States 34,271 253 98,503 (1,609 ) 131,418 36.6 % Worldwide including United States (a) 22,647 4,477 18,611 5,540 51,275 14.3 % Other location non-specific (c) 30,068 — 111,568 (12,321 ) 129,315 36.0 % Total $ 114,380 $ 6,936 $ 245,685 $ (8,027 ) $ 358,974 100.0 % Nine Months Ended September 30, 2015 Gross Premiums Written Validus Re AlphaCat Talbot Western World Eliminations Total % United States $ 544,239 $ 42,200 $ 89,980 $ 207,372 $ (2,417 ) $ 881,374 39.2 % Worldwide excluding United States (a) 52,808 8,057 95,894 — (1,183 ) 155,576 6.9 % Australia and New Zealand 12,002 624 6,569 — (233 ) 18,962 0.8 % Europe 47,018 2,863 31,637 — (1,093 ) 80,425 3.6 % Latin America and Caribbean 34,086 — 78,634 — (9,913 ) 102,807 4.6 % Japan 39,191 1,671 4,746 — (159 ) 45,449 2.0 % Canada 3,117 458 5,452 — (216 ) 8,811 0.4 % Rest of the world (b) 24,615 — 76,368 — (3,355 ) 97,628 4.3 % Sub-total, non United States 212,837 13,673 299,300 — (16,152 ) 509,658 22.6 % Worldwide including United States (a) 131,405 115,414 74,794 — (16,946 ) 304,667 13.6 % Other location non-specific (c) 222,539 4,842 325,074 — (7 ) 552,448 24.6 % Total $ 1,111,020 $ 176,129 $ 789,148 $ 207,372 $ (35,522 ) $ 2,248,147 100.0 % Nine Months Ended September 30, 2014 Gross Premiums Written Validus Re (d) AlphaCat Talbot Eliminations (d) Total % United States $ 444,325 $ 31,160 $ 85,465 $ (2,554 ) $ 558,396 27.5 % Worldwide excluding United States (a) 74,516 7,331 105,397 (586 ) 186,658 9.2 % Australia and New Zealand 19,879 1,019 7,615 (245 ) 28,268 1.4 % Europe 54,263 3,005 36,110 (536 ) 92,842 4.6 % Latin America and Caribbean 35,965 — 86,111 (18,216 ) 103,860 5.1 % Japan 40,456 608 3,404 (103 ) 44,365 2.2 % Canada 3,174 215 8,325 (307 ) 11,407 0.6 % Rest of the world (b) 22,541 — 70,702 (2,298 ) 90,945 4.5 % Sub-total, non United States 250,794 12,178 317,664 (22,291 ) 558,345 27.6 % Worldwide including United States (a) 161,366 91,735 71,147 (4,394 ) 319,854 15.8 % Other location non-specific (c) 225,331 — 380,048 (15,335 ) 590,044 29.1 % Total $ 1,081,816 $ 135,073 $ 854,324 $ (44,574 ) $ 2,026,639 100.0 % (a) Represents risks in two or more geographic zones. (b) Represents risks in one geographic zone. (c) The Other locations non-specific category refers to business for which an analysis of exposure by geographic zone is not applicable, such as marine and aerospace risks, since these exposures can span multiple geographic areas and, in some instances, are not fixed locations. (d) During the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written for the Validus Re segment and Corporate & Eliminations were reduced by $517 and $22,353 for the three and nine months ended September 30, 2014 , respectively, for comparative purposes. There was no impact to total gross premiums written on a consolidated basis.

Condensed consolidating financi

Condensed consolidating financial information	9 Months Ended
	Sep. 30, 2015
Condensed Consolidating Financial Information [Abstract]
Condensed consolidating financial information	Condensed consolidating financial information The following tables present condensed consolidating balance sheets as at September 30, 2015 and December 31, 2014 , condensed consolidating statements of comprehensive income for the three and nine months ended September 30, 2015 and 2014 , and condensed consolidating statements of cash flows for the nine months ended September 30, 2015 and 2014 , for Validus Holdings, Ltd. (the “Parent Guarantor”), Validus Holdings (UK) plc (the “Subsidiary Issuer”) and the non-guarantor subsidiaries of Validus Holdings, Ltd. The Subsidiary Issuer is a 100%-owned subsidiary of the Parent Guarantor. Investments in subsidiaries are accounted for under the equity method for purposes of the supplemental consolidating presentation and earnings of subsidiaries are reflected in the investment accounts and earnings. The Subsidiary Issuer is only allowed to issue senior notes that are fully and unconditionally guaranteed by the Parent Guarantor. Condensed Consolidating Balance Sheet As at September 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a) Consolidating Adjustments (b) Validus Holdings, Ltd. Consolidated Assets Fixed maturities, at fair value $ 28,757 $ — $ 5,610,299 $ (60,200 ) $ 5,578,856 Short-term investments, at fair value — — 1,661,687 — 1,661,687 Other investments, at fair value — — 891,238 (73,864 ) 817,374 Cash and cash equivalents 10,789 20 397,676 — 408,485 Restricted cash — — 74,002 — 74,002 Total investments and cash 39,546 20 8,634,902 (134,064 ) 8,540,404 Investment in affiliates — — 347,962 — 347,962 Investment in subsidiaries on an equity basis 4,173,423 697,014 — (4,870,437 ) — Premiums receivable — — 1,062,654 — 1,062,654 Deferred acquisition costs — — 225,065 — 225,065 Prepaid reinsurance premiums — — 125,547 — 125,547 Securities lending collateral — — 6,461 — 6,461 Loss reserves recoverable — — 385,212 — 385,212 Paid losses recoverable — — 21,681 — 21,681 Income taxes recoverable — — 15,870 — 15,870 Deferred tax asset — — 22,352 — 22,352 Receivable for investments sold — — 15,055 — 15,055 Intangible assets — — 122,676 — 122,676 Goodwill — — 196,758 — 196,758 Accrued investment income 115 — 23,640 — 23,755 Intercompany receivable 45,270 — 158 (45,428 ) — Other assets 3,294 — 121,217 — 124,511 Total assets $ 4,261,648 $ 697,034 $ 11,327,210 $ (5,049,929 ) $ 11,235,963 Liabilities Reserve for losses and loss expenses $ — $ — $ 3,169,334 $ — $ 3,169,334 Unearned premiums — — 1,281,319 — 1,281,319 Reinsurance balances payable — — 90,838 — 90,838 Securities lending payable — — 6,927 — 6,927 Deferred tax liability — — 8,921 — 8,921 Payable for investments purchased — — 118,164 — 118,164 Accounts payable and accrued expenses 19,701 — 229,133 — 248,834 Intercompany payable — 158 45,270 (45,428 ) — Notes payable to AlphaCat investors — — 1,443,198 — 1,443,198 Senior notes payable 247,387 — — — 247,387 Debentures payable 350,000 — 248,254 (60,200 ) 538,054 Total liabilities $ 617,088 $ 158 $ 6,641,358 $ (105,628 ) $ 7,152,976 Total shareholders' equity available to Validus 3,644,560 696,876 4,247,425 (4,944,301 ) 3,644,560 Noncontrolling interest — — 438,427 — 438,427 Total liabilities, noncontrolling interests and shareholders' equity $ 4,261,648 $ 697,034 $ 11,327,210 $ (5,049,929 ) $ 11,235,963 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Balance Sheet As at December 31, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a) Consolidating Adjustments (b) Validus Holdings, Ltd. Consolidated Assets Fixed maturities, at fair value $ — $ — $ 5,592,931 $ (60,200 ) $ 5,532,731 Short-term investments, at fair value — — 1,051,074 — $ 1,051,074 Other investments, at fair value — — 881,123 (68,112 ) $ 813,011 Cash and cash equivalents 29,798 81 547,361 — $ 577,240 Restricted cash — — 173,003 — 173,003 Total investments and cash 29,798 81 8,245,492 (128,312 ) 8,147,059 Investment in affiliates — — 261,483 — 261,483 Investment in subsidiaries on an equity basis 4,140,770 656,738 — (4,797,508 ) — Premiums receivable — — 707,647 — 707,647 Deferred acquisition costs — — 161,295 — 161,295 Prepaid reinsurance premiums — — 81,983 — 81,983 Securities lending collateral — — 470 — 470 Loss reserves recoverable — — 377,466 — 377,466 Paid losses recoverable — — 38,078 — 38,078 Deferred tax asset — — 23,821 — 23,821 Receivable for investments sold — — 18,318 — 18,318 Intangible assets — — 126,924 — 126,924 Goodwill — — 195,897 — 195,897 Accrued investment income — — 24,865 — 24,865 Intercompany receivable 41,078 — 20 (41,098 ) — Other assets 3,239 — 161,394 — 164,633 Total assets $ 4,214,885 $ 656,819 $ 10,425,153 $ (4,966,918 ) $ 10,329,939 Liabilities Reserve for losses and loss expenses $ — $ — $ 3,234,394 $ — $ 3,234,394 Unearned premiums — — 990,564 — 990,564 Reinsurance balances payable — — 127,128 — 127,128 Securities lending payable — — 936 — 936 Deferred tax liability — — 5,541 — 5,541 Payable for investments purchased — — 68,574 — 68,574 Accounts payable and accrued expenses 29,621 96 288,528 — 318,245 Intercompany payable — 20 41,078 (41,098 ) — Notes payable to AlphaCat investors — — 671,465 — 671,465 Senior notes payable 247,306 — — — 247,306 Debentures payable 350,000 — 249,477 (60,200 ) 539,277 Total liabilities $ 626,927 $ 116 $ 5,677,685 $ (101,298 ) $ 6,203,430 Redeemable noncontrolling interest — — 79,956 — 79,956 Total shareholders' equity available to Validus 3,587,958 656,703 4,208,917 (4,865,620 ) 3,587,958 Noncontrolling interest — — 458,595 — 458,595 Total liabilities, noncontrolling interests and shareholders' equity $ 4,214,885 $ 656,819 $ 10,425,153 $ (4,966,918 ) $ 10,329,939 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended September 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 555,459 $ — $ 555,459 Net investment income 86 — 32,462 (1,024 ) 31,524 Net realized (losses) on investments — — (41,906 ) — (41,906 ) Change in net unrealized gains (losses) on investments 353 — (33,491 ) (1,770 ) (34,908 ) Income from investment affiliate — — 2,482 — 2,482 Other insurance related income and other (loss) — — 22,319 (14,132 ) 8,187 Foreign exchange gains (losses) 562 — (2,836 ) — (2,274 ) Total revenues $ 1,001 $ — $ 534,489 $ (16,926 ) $ 518,564 Expenses Losses and loss expenses — — 258,258 — 258,258 Policy acquisition costs — — 105,091 — 105,091 General and administrative expenses 19,526 — 90,605 (14,132 ) 95,999 Share compensation expenses 1,834 — 8,149 — 9,983 Finance expenses 11,985 — 6,013 (500 ) 17,498 Total expenses $ 33,345 $ — $ 468,116 $ (14,632 ) $ 486,829 (Loss) income before taxes, income from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries (32,344 ) — 66,373 (2,294 ) 31,735 Tax expense — — (2,018 ) — (2,018 ) Income from operating affiliates — — 5,526 — 5,526 (Income) attributable to AlphaCat investors — — (40,256 ) — (40,256 ) Equity in net earnings (losses) of subsidiaries 98,994 14,139 (170,000 ) 56,867 — Net income (loss) $ 66,650 $ 14,139 $ (140,375 ) $ 54,573 $ (5,013 ) Net loss attributable to noncontrolling interest — — 71,663 — 71,663 Net income (loss) available (attributable) to Validus $ 66,650 $ 14,139 $ (68,712 ) $ 54,573 $ 66,650 Other comprehensive (loss) income (1,803 ) — (1,878 ) 1,878 (1,803 ) Comprehensive income (loss) available (attributable) to Validus $ 64,847 $ 14,139 $ (70,590 ) $ 56,451 $ 64,847 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended September 30, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 494,696 $ — $ 494,696 Net investment income 4 — 26,238 (981 ) 25,261 Net realized gains on investments — — 4,595 — 4,595 Change in net unrealized losses on investments — — (83,499 ) (1,475 ) (84,974 ) Income from investment affiliate — — 1,754 — 1,754 Other insurance related income and other (loss) — — 13,161 (17,241 ) (4,080 ) Foreign exchange gains (losses) 819 1 (12,261 ) — (11,441 ) Total revenues $ 823 $ 1 $ 444,684 $ (19,697 ) $ 425,811 Expenses Losses and loss expenses — — 224,125 — 224,125 Policy acquisition costs — — 86,404 — 86,404 General and administrative expenses 22,347 — 78,213 (17,241 ) 83,319 Share compensation expenses 1,650 — 7,114 — 8,764 Finance expenses 11,979 — 3,864 (489 ) 15,354 Transaction expenses — — 149 — 149 Total expenses $ 35,976 $ — $ 399,869 $ (17,730 ) $ 418,115 (Loss) income before taxes, income from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries (35,153 ) 1 44,815 (1,967 ) 7,696 Tax benefit — — 953 — 953 Income from operating affiliates — — 3,761 — 3,761 (Income) attributable to AlphaCat investors — — (25,807 ) — (25,807 ) Equity in net earnings (losses) of subsidiaries 74,825 (951 ) — (73,874 ) — Net income (loss) $ 39,672 $ (950 ) $ 23,722 $ (75,841 ) $ (13,397 ) Net loss attributable to noncontrolling interest — — 53,069 — 53,069 Net income (loss) available (attributable) to Validus $ 39,672 $ (950 ) $ 76,791 $ (75,841 ) $ 39,672 Other comprehensive (loss) income (5,198 ) — (5,198 ) 5,198 (5,198 ) Comprehensive income (loss) available (attributable) to Validus $ 34,474 $ (950 ) $ 71,593 $ (70,643 ) $ 34,474 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 1,706,795 $ — $ 1,706,795 Net investment income 230 — 98,967 (3,044 ) 96,153 Net realized (losses) on investments — — (35,493 ) — (35,493 ) Change in net unrealized (losses) gains on investments (71 ) — 25,589 (5,752 ) 19,766 Income from investment affiliate — — 5,542 — 5,542 Other insurance related income and other (loss) — — 61,428 (45,869 ) 15,559 Foreign exchange gains (losses) 325 (1 ) (9,385 ) — (9,061 ) Total revenues $ 484 $ (1 ) $ 1,853,443 $ (54,665 ) $ 1,799,261 Expenses Losses and loss expenses — — 765,333 — 765,333 Policy acquisition costs — — 308,152 — 308,152 General and administrative expenses 55,933 2 253,924 (45,869 ) 263,990 Share compensation expenses 5,385 — 22,894 — 28,279 Finance expenses 35,757 — 20,799 (1,471 ) 55,085 Total expenses $ 97,075 $ 2 $ 1,371,102 $ (47,340 ) $ 1,420,839 (Loss) income before taxes, income from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries (96,591 ) (3 ) 482,341 (7,325 ) 378,422 Tax expense — — (7,132 ) — (7,132 ) Income from operating affiliates — — 12,083 — 12,083 (Income) attributable to AlphaCat investors — — (94,341 ) — (94,341 ) Equity in net earnings (losses) of subsidiaries 400,665 36,248 (170,000 ) (266,913 ) — Net income (loss) $ 304,074 $ 36,245 $ 222,951 $ (274,238 ) $ 289,032 Net loss attributable to noncontrolling interest — — 15,042 — 15,042 Net income (loss) available (attributable) to Validus $ 304,074 $ 36,245 $ 237,993 $ (274,238 ) $ 304,074 Other comprehensive (loss) income (2,313 ) — (1,977 ) 1,977 (2,313 ) Comprehensive income (loss) available (attributable) to Validus $ 301,761 $ 36,245 $ 236,016 $ (272,261 ) $ 301,761 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 1,443,656 $ — $ 1,443,656 Net investment income 11 — 72,827 (2,929 ) 69,909 Net realized gains on investments — — 16,193 — 16,193 Change in net unrealized gains on investments — — 14,261 1,885 16,146 Income from investment affiliate — — 7,881 — 7,881 Other insurance related income and other (loss) — — 66,630 (51,645 ) 14,985 Foreign exchange gains (losses) 106 1 (14,868 ) — (14,761 ) Total revenues $ 117 $ 1 $ 1,606,580 $ (52,689 ) $ 1,554,009 Expenses Losses and loss expenses — — 545,541 — 545,541 Policy acquisition costs — — 251,006 — 251,006 General and administrative expenses 66,425 21 216,805 (51,645 ) 231,606 Share compensation expenses 4,769 — 19,483 — 24,252 Finance expenses 35,697 — 13,137 (1,454 ) 47,380 Transaction expenses — — 3,401 — 3,401 Total expenses $ 106,891 $ 21 $ 1,049,373 $ (53,099 ) $ 1,103,186 (Loss) income before taxes, income from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries (106,774 ) (20 ) 557,207 410 450,823 Tax expense — — (398 ) — (398 ) Income from operating affiliates — — 13,580 — 13,580 (Income) attributable to AlphaCat investors — — (82,833 ) — (82,833 ) Equity in net earnings (losses) of subsidiaries 462,201 (2,617 ) — (459,584 ) — Net income (loss) $ 355,427 $ (2,637 ) $ 487,556 $ (459,174 ) $ 381,172 Net (income) attributable to noncontrolling interest — — (25,745 ) — (25,745 ) Net income (loss) available (attributable) to Validus $ 355,427 $ (2,637 ) $ 461,811 $ (459,174 ) $ 355,427 Other comprehensive (loss) income (2,121 ) — (2,121 ) 2,121 (2,121 ) Comprehensive income (loss) available (attributable) to Validus $ 353,306 $ (2,637 ) $ 459,690 $ (457,053 ) $ 353,306 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Cash Flows For The Nine Months Ended September 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Net cash (used in) provided by operating activities $ (21,503 ) $ (61 ) $ 158,442 $ (85,000 ) $ 51,878 Cash flows provided by (used in) investing activities Proceeds on sales of investments — — 2,888,919 — 2,888,919 Proceeds on maturities of investments — — 260,179 — 260,179 Purchases of fixed maturities (28,901 ) — (3,135,886 ) — (3,164,787 ) Purchases of short-term investments, net — — (639,211 ) — (639,211 ) Purchases of other investments, net — — (26,648 ) — (26,648 ) Increase in securities lending collateral — — (5,991 ) — (5,991 ) Investment in operating affiliates — — (10,400 ) — (10,400 ) Redemption from operating affiliates — — 57,402 — 57,402 Investment in investment affiliates — — (19,086 ) — (19,086 ) Decrease in restricted cash — — 99,001 — 99,001 Return of capital from subsidiaries 305,000 — — (305,000 ) — Net cash provided by (used in) investing activities 276,099 — (531,721 ) (305,000 ) (560,622 ) Cash flows provided by (used in) financing activities Proceeds on issuance of notes payable to AlphaCat investors — — 1,307,789 — 1,307,789 Repayments on notes payable to AlphaCat investors — — (709,059 ) — (709,059 ) Issuance of common shares, net 16,735 — — — 16,735 Purchases of common shares under share repurchase program (203,917 ) — — — (203,917 ) Dividends paid (86,423 ) — (85,000 ) 85,000 (86,423 ) Increase in securities lending payable — — 5,991 — 5,991 Third party investment in redeemable noncontrolling interest — — 55,700 — 55,700 Third party redemption of redeemable noncontrolling interest — — (19,395 ) — (19,395 ) Return of capital to parent — — (305,000 ) 305,000 — Net cash (used in) provided by financing activities (273,605 ) — 251,026 390,000 367,421 Effect of foreign currency rate changes on cash and cash equivalents — — (27,432 ) — (27,432 ) Net decrease in cash (19,009 ) (61 ) (149,685 ) — (168,755 ) Cash and cash equivalents, beginning of period 29,798 81 547,361 — 577,240 Cash and cash equivalents, end of period $ 10,789 $ 20 $ 397,676 $ — $ 408,485 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Cash Flows For The Nine Months Ended September 30, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Net cash provided by (used in) operating activities $ 12,557 $ — $ 236,294 $ (100,000 ) $ 148,851 Cash flows provided by (used in) investing activities Proceeds on sales of investments — — 3,585,728 — 3,585,728 Proceeds on maturities of investments — — 466,872 — 466,872 Purchases of fixed maturities — — (3,160,512 ) — (3,160,512 ) Purchases of short-term investments, net — — (933,148 ) — (933,148 ) Purchases of other investments, net — — (47,752 ) — (47,752 ) Increase in securities lending collateral — — (5,664 ) — (5,664 ) Redemption from operating affiliates — — 58,547 — 58,547 Increase in restricted cash — — (7,856 ) — (7,856 ) Proceeds on sale of subsidiary, net of cash — — 16,459 — 16,459 Return of capital from subsidiaries 373,966 — — (373,966 ) — Net cash provided by (used in) investing activities 373,966 — (27,326 ) (373,966 ) (27,326 ) Cash flows provided by (used in) financing activities Proceeds on issuance of notes payable to AlphaCat investors — — 645,243 — 645,243 Repayments on notes payable to AlphaCat investors — — (602,068 ) — (602,068 ) Redemption of common shares, net (3,689 ) — — — (3,689 ) Purchases of common shares under share repurchase program (286,526 ) — — — (286,526 ) Dividends paid (89,719 ) — (100,000 ) 100,000 (89,719 ) Increase in securities lending payable — — 5,664 — 5,664 Return of capital to parent — — (373,966 ) 373,966 — Third party investment in redeemable noncontrolling interest — — 61,200 — 61,200 Third party redemption of redeemable noncontrolling interest — — (10,496 ) — (10,496 ) Net cash (used in) provided by financing activities (379,934 ) — (374,423 ) 473,966 (280,391 ) Effect of foreign currency rate changes on cash and cash equivalents — — (11,293 ) — (11,293 ) Net increase (decrease) in cash 6,589 — (176,748 ) — (170,159 ) Cash and cash equivalents, beginning of period 20,385 — 713,763 — 734,148 Cash and cash equivalents, end of period $ 26,974 $ — $ 537,015 $ — $ 563,989 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.

Subsequent events

Subsequent events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent events	Subsequent events Quarterly Dividend On November 4, 2015 , the Company announced a quarterly cash dividend of $0.32 per each common share and $0.32 per common share equivalent for which each outstanding warrant is exercisable, payable on December 31, 2015 to holders of record on December 15, 2015 .

Significant accounting policies

Significant accounting policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of preparation	These unaudited Consolidated Financial Statements (the "Consolidated Financial Statements") include Validus Holdings, Ltd. and its wholly and majority owned subsidiaries (together the "Company") and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 in Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In addition, the year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. This Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 , as filed with the U.S. Securities and Exchange Commission (the "SEC"). In the opinion of management, these Consolidated Financial Statements reflect all adjustments (including normal recurring adjustments) considered necessary for a fair presentation of the Company's financial position and results of operations as at the end of and for the periods presented.
Use of estimates	The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes that the amounts included in the Consolidated Financial Statements reflect its best estimates and assumptions, actual results could differ materially from those estimates. The Company’s principal estimates include: • reserve for losses and loss expenses; • premium estimates for business written on a line slip or proportional basis; • the valuation of goodwill and intangible assets; • reinsurance recoverable balances including the provision for uncollectible amounts; and • investment valuation of financial assets.
Reserves for losses and loss expenses	Reserves for losses and loss expenses are based in part upon the estimation of case reserves from broker, insured and ceding company reported data. The Company also uses statistical and actuarial methods to estimate ultimate expected losses and loss expenses, from which incurred but not reported losses can be calculated. The period of time from the occurrence of a loss to the reporting of a loss to the Company and to the settlement of the Company's liability may be several months or years. During this period, additional facts and trends may be revealed. As these factors become apparent, reserves will be adjusted, sometimes requiring an increase or decrease in the overall reserves of the Company, and at other times requiring a reallocation of incurred but not reported reserves to specific case reserves. These estimates are reviewed and adjusted regularly, and such adjustments, if any, are reflected in earnings in the period in which they become known. While management believes that it has made a reasonable estimate of ultimate losses, there can be no assurances that ultimate losses and loss expenses will not exceed this estimate.
Reinsurance	To estimate the provision for uncollectible reinsurance, the reinsurance recoverable is first allocated to applicable reinsurers. This determination is based on a process rather than an estimate, although an element of judgment is applied, especially in relation to ceded IBNR. The Company then uses default factors to determine the portion of a reinsurer’s balance deemed to be uncollectible. Default factors require considerable judgment and are determined in part using the current rating, or rating equivalent, of each reinsurer as well as other key considerations and assumptions.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Investments [Abstract]
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments	The amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments as at September 30, 2015 were as follows: Amortized Cost (or Cost) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government and government agency $ 868,750 $ 3,787 $ (609 ) $ 871,928 Non-U.S. government and government agency 224,288 1,205 (2,529 ) 222,964 U.S. states, municipalities and political subdivisions 316,868 3,097 (439 ) 319,526 Agency residential mortgage-backed securities 488,827 9,503 (1,060 ) 497,270 Non-agency residential mortgage-backed securities 27,054 400 (400 ) 27,054 U.S. corporate 1,530,344 4,387 (8,837 ) 1,525,894 Non-U.S. corporate 472,736 1,628 (6,544 ) 467,820 Bank loans 517,129 642 (8,298 ) 509,473 Catastrophe bonds 160,835 908 (1,767 ) 159,976 Asset-backed securities 624,444 2,038 (1,234 ) 625,248 Commercial mortgage-backed securities 350,571 2,045 (913 ) 351,703 Total fixed maturities 5,581,846 29,640 (32,630 ) 5,578,856 Total short-term investments (a) 1,661,705 49 (67 ) 1,661,687 Other investments Fund of hedge funds 2,378 — (938 ) 1,440 Hedge funds (b) 559,737 43,541 (99,653 ) 503,625 Private equity investments 51,037 8,891 (2,305 ) 57,623 Investment funds 247,104 577 — 247,681 Mutual funds 4,395 2,610 — 7,005 Total other investments 864,651 55,619 (102,896 ) 817,374 Total investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 8,108,202 $ 85,308 $ (135,593 ) $ 8,057,917 Assets managed on behalf of AlphaCat investors (a) (1,364,692 ) — — (1,364,692 ) Catastrophe bonds (160,835 ) (908 ) 1,767 (159,976 ) Noncontrolling interest (b) (491,204 ) (32,920 ) 89,688 (434,436 ) Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 6,091,471 $ 51,480 $ (44,138 ) $ 6,098,813 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest. The amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments as at December 31, 2014 were as follows: Amortized Cost (or Cost) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government and government agency $ 759,232 $ 1,755 $ (901 ) $ 760,086 Non-U.S. government and government agency 279,493 1,215 (1,980 ) 278,728 U.S. states, municipalities and political subdivisions 448,668 1,780 (825 ) 449,623 Agency residential mortgage-backed securities 520,685 9,697 (1,151 ) 529,231 Non-agency residential mortgage-backed securities 37,954 369 (516 ) 37,807 U.S. corporate 1,500,963 3,960 (5,217 ) 1,499,706 Non-U.S. corporate 564,386 2,765 (3,989 ) 563,162 Bank loans 457,537 200 (8,733 ) 449,004 Catastrophe bonds 75,822 768 (926 ) 75,664 Asset-backed securities 647,422 1,250 (1,190 ) 647,482 Commercial mortgage-backed securities 242,332 598 (692 ) 242,238 Total fixed maturities 5,534,494 24,357 (26,120 ) 5,532,731 Total short-term investments (a) 1,051,222 13 (161 ) 1,051,074 Other investments Fund of hedge funds 2,570 125 (920 ) 1,775 Preferred stock 6,535 — (201 ) 6,334 Hedge funds (b) 570,371 60,792 (134,203 ) 496,960 Private equity investments 48,995 4,987 (611 ) 53,371 Investment funds 244,506 437 (111 ) 244,832 Mutual funds 6,199 3,540 — 9,739 Total other investments 879,176 69,881 (136,046 ) 813,011 Total investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 7,464,892 $ 94,251 $ (162,327 ) $ 7,396,816 Assets managed on behalf of AlphaCat investors (a) (696,924 ) — — (696,924 ) Catastrophe bonds (75,822 ) (768 ) 926 (75,664 ) Noncontrolling interest (b) (502,830 ) (48,446 ) 120,782 (430,494 ) Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 6,189,316 $ 45,037 $ (40,619 ) $ 6,193,734 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.
Investment ratings on fixed maturities	The following table sets forth certain information regarding the investment ratings of the Company’s fixed maturities portfolio as at September 30, 2015 and December 31, 2014 . September 30, 2015 December 31, 2014 Estimated Fair Value % of Total Estimated Fair Value % of Total AAA $ 2,454,181 44.0 % $ 2,494,239 45.1 % AA 530,473 9.5 % 848,226 15.4 % A 1,145,331 20.5 % 1,086,091 19.6 % BBB 674,489 12.1 % 505,208 9.1 % Total investment-grade fixed maturities 4,804,474 86.1 % 4,933,764 89.2 % BB 316,602 5.7 % 362,972 6.6 % B 216,544 4.0 % 145,240 2.6 % CCC 4,374 0.0 % 12,733 0.2 % CC 1,002 0.0 % 3,926 0.1 % C — 0.0 % 1,344 0.0 % D/NR 235,860 4.2 % 72,752 1.3 % Total non-investment grade fixed maturities 774,382 13.9 % 598,967 10.8 % Total fixed maturities $ 5,578,856 100.0 % $ 5,532,731 100.0 %
Fixed maturities investments by contractual maturity	The amortized cost and estimated fair value amounts for fixed maturities held at September 30, 2015 and December 31, 2014 are shown below by contractual maturity. Actual maturity may differ from contractual maturity because certain borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. September 30, 2015 December 31, 2014 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 342,554 $ 343,201 $ 312,843 $ 313,248 Due after one year through five years 2,996,003 2,991,774 3,163,225 3,159,200 Due after five years through ten years 566,908 560,971 497,175 491,870 Due after ten years 185,485 181,635 112,858 111,655 4,090,950 4,077,581 4,086,101 4,075,973 Asset-backed and mortgage-backed securities 1,490,896 1,501,275 1,448,393 1,456,758 Total fixed maturities $ 5,581,846 $ 5,578,856 $ 5,534,494 $ 5,532,731
Net investment income	Net investment income was derived from the following sources: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Fixed maturities and short-term investments $ 28,117 $ 22,544 $ 88,519 $ 68,048 Other investments 5,086 2,879 12,288 2,879 Restricted cash and cash and cash equivalents 373 1,581 1,259 4,534 Securities lending income 4 1 13 5 Total gross investment income 33,580 27,005 102,079 75,466 Investment expenses (2,056 ) (1,744 ) (5,926 ) (5,557 ) Total net investment income $ 31,524 $ 25,261 $ 96,153 $ 69,909
Analysis of net realized gains and the change in net unrealized gains on investments	The following represents an analysis of net realized gains and the change in net unrealized (losses) gains on investments: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Fixed maturities, short-term and other investments Gross realized gains $ 1,872 $ 8,075 $ 14,450 $ 23,184 Gross realized (losses) (43,778 ) (3,480 ) (49,943 ) (6,991 ) Net realized (losses) gains on investments (a) (41,906 ) 4,595 (35,493 ) 16,193 Change in net unrealized (losses) gains on investments (a) (34,908 ) (84,974 ) 19,766 16,146 Total net realized and change in net unrealized (losses) gains on investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest (76,814 ) (80,379 ) (15,727 ) 32,339 Assets managed on behalf of AlphaCat investors — — — — Catastrophe bonds (2,208 ) (201 ) 701 1,787 Noncontrolling interest (a) 71,589 52,595 21,078 (22,613 ) Total net realized and change in net unrealized (losses) gains on investments excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ (7,433 ) $ (27,985 ) $ 6,052 $ 11,513 (a) Includes the net realized (losses) gains and change in net unrealized (losses) gains on investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and is included in the Consolidated Statements of Comprehensive Income as net loss (income) attributable to noncontrolling interest.
Investments pledged as collateral under credit facilities	The following tables outline investments and cash pledged as collateral under the Company's credit facilities. For further details on the credit facilities, please refer to Note 12 : “ Debt and financing arrangements .” September 30, 2015 Description Commitment Issued and Outstanding Investments and cash pledged as collateral $400,000 syndicated unsecured letter of credit facility $ 400,000 $ — $ — $525,000 syndicated secured letter of credit facility 525,000 244,358 385,279 $30,000 secured bi-lateral letter of credit facility 30,000 10,172 47,471 Talbot FAL facility 25,000 25,000 31,318 AlphaCat Re secured letter of credit facility 30,000 30,000 30,134 IPC bi-lateral facility 25,000 10,782 — $230,000 Flagstone bi-lateral facility 230,000 205,593 381,302 Total $ 1,265,000 $ 525,905 $ 875,504 December 31, 2014 Description Commitment Issued and Outstanding Investments and cash pledged as collateral $400,000 syndicated unsecured letter of credit facility $ 400,000 $ — $ — $525,000 syndicated secured letter of credit facility 525,000 276,455 395,750 $200,000 secured bi-lateral letter of credit facility 200,000 15,649 35,645 Talbot FAL facility 25,000 25,000 31,048 PaCRe senior secured letter of credit facility 10,000 294 — AlphaCat Re secured letter of credit facility 30,000 30,000 30,078 IPC bi-lateral facility 40,000 15,897 99,437 $375,000 Flagstone bi-lateral facility 375,000 198,389 430,782 Total $ 1,605,000 $ 561,684 $ 1,022,740

Fair value measurements (Tables

Fair value measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair value hierarchy - allocation of investments	At September 30, 2015 , the Company’s investments were allocated between Levels 1, 2 and 3 as follows: Level 1 Level 2 Level 3 Total U.S. government and government agency $ — $ 871,928 $ — $ 871,928 Non-U.S. government and government agency — 222,964 — 222,964 U.S. states, municipalities and political subdivisions — 319,526 — 319,526 Agency residential mortgage-backed securities — 497,270 — 497,270 Non-agency residential mortgage-backed securities — 27,054 — 27,054 U.S. corporate — 1,525,894 — 1,525,894 Non-U.S. corporate — 467,820 — 467,820 Bank loans — 347,637 161,836 509,473 Catastrophe bonds — 158,976 1,000 159,976 Asset-backed securities — 625,248 — 625,248 Commercial mortgage-backed securities — 351,703 — 351,703 Total fixed maturities — 5,416,020 162,836 5,578,856 Total short-term investments (a) 1,652,981 8,706 — 1,661,687 Other investments Fund of hedge funds — — 1,440 1,440 Hedge funds (b) — — 503,625 503,625 Private equity investments — — 57,623 57,623 Investment funds — 80,470 167,211 247,681 Mutual funds — 7,005 — 7,005 Total other investments — 87,475 729,899 817,374 Total investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 1,652,981 $ 5,512,201 $ 892,735 $ 8,057,917 Assets managed on behalf of AlphaCat investors (a) (1,364,692 ) — — (1,364,692 ) Catastrophe bonds — (158,976 ) (1,000 ) (159,976 ) Noncontrolling interest (b) — — (434,436 ) (434,436 ) Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 288,289 $ 5,353,225 $ 457,299 $ 6,098,813 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest. At December 31, 2014 , the Company’s investments were allocated between Levels 1, 2 and 3 as follows: Level 1 Level 2 Level 3 Total U.S. government and government agency $ — $ 760,086 $ — $ 760,086 Non-U.S. government and government agency — 278,728 — 278,728 U.S. states, municipalities and political subdivisions — 449,623 — 449,623 Agency residential mortgage-backed securities — 529,231 — 529,231 Non-agency residential mortgage-backed securities — 37,807 — 37,807 U.S. corporate — 1,499,706 — 1,499,706 Non-U.S. corporate — 563,162 — 563,162 Bank loans — 416,256 32,748 449,004 Catastrophe bonds — 70,664 5,000 75,664 Asset-backed securities — 647,482 — 647,482 Commercial mortgage-backed securities — 242,238 — 242,238 Total fixed maturities — 5,494,983 37,748 5,532,731 Total short-term investments (a) 942,716 108,358 — 1,051,074 Other investments Fund of hedge funds — — 1,775 1,775 Preferred stock — 6,334 — 6,334 Hedge funds (b) — — 496,960 496,960 Private equity investments — — 53,371 53,371 Investment fund — 140,045 104,787 244,832 Mutual funds — 9,739 — 9,739 Total other investments — 156,118 656,893 813,011 Total investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 942,716 $ 5,759,459 $ 694,641 $ 7,396,816 Assets managed on behalf of AlphaCat investors (a) (696,924 ) — — (696,924 ) Catastrophe bonds — (70,664 ) (5,000 ) (75,664 ) Noncontrolling interest (b) — — (430,494 ) (430,494 ) Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest $ 245,792 $ 5,688,795 $ 259,147 $ 6,193,734 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.
Reconciliation of beginning and ending balances for all Level 3 investments measured at fair value on recurring basis	The following table presents a reconciliation of the beginning and ending balances for all investments measured at fair value on a recurring basis using Level 3 inputs during the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Level 3 investments - Beginning of period $ 931,649 $ 746,396 $ 694,641 $ 576,871 Purchases 127,350 25,784 326,949 125,784 Sales (73,105 ) (24,175 ) (86,143 ) (49,508 ) Settlements (13,815 ) — (22,013 ) (1,500 ) Net realized (losses) gains (40,721 ) 2,554 (40,732 ) 8,198 Change in net unrealized (losses) gains (38,623 ) (57,776 ) 20,033 26,235 Transfers into Level 3 — — — 6,703 Level 3 investments - End of period $ 892,735 $ 692,783 $ 892,735 $ 692,783 Catastrophe Bonds (1,000 ) — (1,000 ) — Noncontrolling interest (a) (434,436 ) (495,365 ) (434,436 ) (495,365 ) Level 3 investments - End of period excluding catastrophe bonds and noncontrolling interest $ 457,299 $ 197,418 $ 457,299 $ 197,418 (a) Includes Level 3 investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.

Investments in affiliates (Tabl

Investments in affiliates (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Schedule of equity method investments	The following table presents the Company's investments in affiliates as at September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Investment affiliates $ 88,134 $ 63,506 Operating affiliates 259,828 197,977 Investments in affiliates $ 347,962 $ 261,483
Summary of notes payable to AlphaCat investors	The following tables present a reconciliation of the beginning and ending notes payable to AlphaCat investors for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds AlphaCat direct Total As at June 30, 2015 $ — $ 145,985 $ 1,235,328 $ — $ 1,381,313 Issuance of notes payable to AlphaCat investors — 8,491 68,244 75,770 152,505 Redemption of notes payable to AlphaCat investors — — (87,615 ) — (87,615 ) Foreign exchange gain — (143 ) (2,698 ) (164 ) (3,005 ) As at September 30, 2015 $ — $ 154,333 $ 1,213,259 $ 75,606 $ 1,443,198 Three Months Ended September 30, 2014 AlphaCat 2014 AlphaCat ILS funds Total As at June 30, 2014 $ 157,992 $ 464,958 $ 622,950 Issuance of notes payable to AlphaCat investors — 53,498 53,498 Redemption of notes payable to AlphaCat investors — (13,990 ) (13,990 ) Foreign exchange gain (410 ) (6,072 ) (6,482 ) As at September 30, 2014 $ 157,582 $ 498,394 $ 655,976 Nine Months Ended September 30, 2015 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds AlphaCat direct Total As at December 31, 2014 $ 157,384 $ — $ 514,081 $ — $ 671,465 Notes payable to AlphaCat investors recognized on deconsolidation of AlphaCat ILS fund — — 179,316 — 179,316 Issuance of notes payable to AlphaCat investors — 154,358 1,077,661 75,770 1,307,789 Redemption of notes payable to AlphaCat investors (157,074 ) — (551,985 ) — (709,059 ) Foreign exchange gain (310 ) (25 ) (5,814 ) (164 ) (6,313 ) As at September 30, 2015 $ — $ 154,333 $ 1,213,259 $ 75,606 $ 1,443,198 Nine Months Ended September 30, 2014 AlphaCat 2013 AlphaCat 2014 AlphaCat ILS funds Total As at December 31, 2013 $ 223,809 $ — $ 215,463 $ 439,272 Notes payable to AlphaCat investors recognized on deconsolidation of AlphaCat ILS fund — — 178,837 178,837 Issuance of notes payable to AlphaCat investors — 157,914 487,329 645,243 Redemption of notes payable to AlphaCat investors (223,512 ) — (378,556 ) (602,068 ) Foreign exchange gain (297 ) (332 ) (4,679 ) (5,308 ) As at September 30, 2014 $ — $ 157,582 $ 498,394 $ 655,976
Schedule of (income) attributable to AlphaCat investors	The following table presents the (income) attributable to AlphaCat investors for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, AlphaCat 2013 $ — $ (98 ) $ — $ (14,218 ) AlphaCat 2014 — (11,309 ) (255 ) (32,990 ) AlphaCat 2015 (8,862 ) — (27,446 ) — AlphaCat ILS funds (29,956 ) (14,400 ) (65,202 ) (35,625 ) AlphaCat direct (1,438 ) — (1,438 ) — (Income) attributable to AlphaCat investors $ (40,256 ) $ (25,807 ) $ (94,341 ) $ (82,833 )
Investment affiliate
Schedule of Equity Method Investments [Line Items]
Reconciliation of the beginning and ending non-consolidated affiliate balance	The following table presents a reconciliation of the beginning and ending investment in the Company's investment affiliates balance for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Investment affiliates, beginning of period $ 89,681 $ 40,627 $ 63,506 $ 34,500 Net capital (distributions) contributions (4,029 ) — 19,086 — Income from investment affiliate 2,482 1,754 5,542 7,881 Investment affiliates, end of period $ 88,134 $ 42,381 $ 88,134 $ 42,381
Schedule of equity method investments	The following table presents the Company's investment in the Partnerships as at September 30, 2015 : Investment in investment affiliate Investment at cost Voting ownership % Equity Ownership Carrying Value Aquiline Financial Services Fund II L.P. $ 55,098 — % 8.1 % $ 74,341 Aquiline Financial Services Fund III L.P. $ 13,890 — % 13.7 % $ 13,793 Total $ 68,988 $ 88,134 The following table presents the Company's investment in the Partnership as at December 31, 2014 : Investment in investment affiliate Investment at cost Voting ownership % Equity Ownership Carrying Value Aquiline Financial Services Fund II L.P. $ 51,001 — % 8.1 % $ 63,506
Operating affiliates
Schedule of Equity Method Investments [Line Items]
Reconciliation of the beginning and ending non-consolidated affiliate balance	The following tables present a reconciliation of the beginning and ending investment in operating affiliates for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds Total As at June 30, 2015 $ 4,601 $ 707 $ 1,043 $ 723 $ 30,598 $ 246,768 $ 284,440 Gain on redemption of shares — — — — — (6,761 ) (6,761 ) Return of investment — — — — — (23,377 ) (23,377 ) Income (loss) from operating affiliates 396 (8 ) (8 ) (12 ) 1,077 4,081 5,526 As at September 30, 2015 $ 4,997 $ 699 $ 1,035 $ 711 $ 31,675 $ 220,711 $ 259,828 Three Months Ended September 30, 2014 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat ILS funds Total As at June 30, 2014 $ 4,172 $ 2,204 $ 2,580 $ 25,014 $ 139,022 $ 172,992 Return of investment — (1,516 ) (6 ) — — (1,522 ) (Loss) income from operating affiliates (5 ) (9 ) 7 1,367 2,401 3,761 As at September 30, 2014 $ 4,167 $ 679 $ 2,581 $ 26,381 $ 141,423 $ 175,231 Nine Months Ended September 30, 2015 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds Total As at December 31, 2014 $ 4,606 $ 735 $ 1,068 $ 28,085 $ 25,600 $ 137,883 $ 197,977 Purchase of shares — — — — 2,400 8,000 10,400 Gain on redemption of shares — — — — — (6,761 ) (6,761 ) Return of investment — — — (27,264 ) — (23,377 ) (50,641 ) Fair value of retained interest on deconsolidation of AlphaCat ILS fund — — — — — 96,770 96,770 Income (loss) from operating affiliates 391 (36 ) (33 ) (110 ) 3,675 8,196 12,083 As at September 30, 2015 $ 4,997 $ 699 $ 1,035 $ 711 $ 31,675 $ 220,711 $ 259,828 Nine Months Ended September 30, 2014 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat ILS funds Total As at December 31, 2013 $ 9,809 $ 1,313 $ 51,744 $ 21,982 $ 21,895 $ 106,743 Return of investment (5,825 ) (1,516 ) (51,206 ) — — (58,547 ) Fair value of retained interest on deconsolidation of AlphaCat ILS fund — — — — 113,455 113,455 Income from operating affiliates 183 882 2,043 4,399 6,073 13,580 As at September 30, 2014 $ 4,167 $ 679 $ 2,581 $ 26,381 $ 141,423 $ 175,231
Schedule of equity method investments	The following table presents the Company's investments in AlphaCat Re 2011, AlphaCat Re 2012, AlphaCat 2013, AlphaCat 2014, AlphaCat 2015 and the AlphaCat ILS funds in the Consolidated Financial Statements as at September 30, 2015 : Investment in operating affiliates Cost Voting ownership % Equity ownership % Carrying value AlphaCat Re 2011 $ 4,997 43.7 % 22.3 % $ 4,997 AlphaCat Re 2012 699 49.0 % 37.9 % 699 AlphaCat 2013 1,035 40.9 % 19.7 % 1,035 AlphaCat 2014 711 42.3 % 19.6 % 711 AlphaCat 2015 28,000 40.0 % 20.0 % 31,675 AlphaCat ILS funds 214,484 n/a (a) 220,711 Total $ 249,926 $ 259,828 (a) Equity ownership in the funds was 7.6% , 19.4% , 9.1% and 32.5% as at September 30, 2015 . The following table presents the Company's investments in AlphaCat Re 2011, AlphaCat Re 2012, AlphaCat 2013, AlphaCat 2014, AlphaCat 2015 and the AlphaCat ILS funds in the Consolidated Financial Statements as at December 31, 2014 : Investment in operating affiliates Cost Voting ownership % Equity ownership % Carrying value AlphaCat Re 2011 $ 4,606 43.7 % 22.3 % $ 4,606 AlphaCat Re 2012 735 49.0 % 37.9 % 735 AlphaCat 2013 1,068 40.9 % 19.7 % 1,068 AlphaCat 2014 22,000 42.3 % 19.6 % 28,085 AlphaCat 2015 25,600 40.0 % 20.0 % 25,600 AlphaCat ILS funds 133,091 n/a (a) 137,883 Total $ 187,100 $ 197,977 (a) Equity ownership in the funds was 7.9% , 39.7% and 9.1% as at December 31, 2014 .

Noncontrolling interest (Tables

Noncontrolling interest (Tables)	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling interest	The following tables present a reconciliation of the beginning and ending balances of redeemable noncontrolling interest and noncontrolling interest for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 Redeemable noncontrolling interest Noncontrolling interest Total As at June 30, 2015 $ — $ 510,090 $ 510,090 Loss attributable to noncontrolling interest — (71,663 ) (71,663 ) As at September 30, 2015 $ — $ 438,427 $ 438,427 Three Months Ended September 30, 2014 Redeemable noncontrolling interest Noncontrolling interest Total As at June 30, 2014 $ 66,282 $ 575,347 $ 641,629 Issuance of shares 4,200 — 4,200 Loss attributable to noncontrolling interest (9 ) (53,060 ) (53,069 ) As at September 30, 2014 $ 70,473 $ 522,287 $ 592,760 Nine Months Ended September 30, 2015 Redeemable noncontrolling interest Noncontrolling interest Total As at December 31, 2014 $ 79,956 $ 458,595 $ 538,551 Issuance of shares 55,700 — 55,700 Income (loss) attributable to noncontrolling interest 5,126 (20,168 ) (15,042 ) Adjustment to noncontrolling interest as a result of deconsolidation (121,387 ) — (121,387 ) Redemption of shares (19,395 ) — (19,395 ) As at September 30, 2015 $ — $ 438,427 $ 438,427 Nine Months Ended September 30, 2014 Redeemable noncontrolling interest Noncontrolling interest Total As at December 31, 2013 $ 86,512 $ 497,657 $ 584,169 Issuance of shares 61,200 — 61,200 Income attributable to noncontrolling interest 1,115 24,630 25,745 Adjustment to noncontrolling interest as a result of deconsolidation (78,354 ) — (78,354 ) As at September 30, 2014 $ 70,473 $ 522,287 $ 592,760

Derivative instruments (Tables)

Derivative instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Not designated as hedging instruments
Derivative [Line Items]
Location and fair value amount of derivative instruments reported on the balance sheet	The following table summarizes information on the classification and amount of the fair value of derivatives not designated as hedging instruments on the Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 : As at September 30, 2015 As at December 31, 2014 Derivatives not designated as hedging instruments: Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Foreign currency forward contracts $ 23,346 $ 174 $ — $ 26,755 $ 1,685 $ — (a) Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses respectively on the Consolidated Balance Sheets. The net impact on earnings during the three and nine months ended September 30, 2015 , recognized in income within other income, relating to the foreign currency forward contract that was not designated as a hedging instrument was ($184) and ($311) , respectively ( 2014 : $nil and $nil ).
Designated as hedging instruments
Derivative [Line Items]
Location and fair value amount of derivative instruments reported on the balance sheet	The following table summarizes information on the classification and amount of the fair value of derivatives designated as hedging instruments on the Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 : As at September 30, 2015 As at December 31, 2014 Derivatives designated as hedging instruments: Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Foreign currency forward contracts $ 188,691 $ 1,390 $ 4,918 $ 189,026 $ 401 $ 3,136 Interest rate swap contracts $ 552,263 $ 21 $ 1,444 $ 552,263 $ 25 $ 1,169 (a) Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses, respectively on the Consolidated Balance Sheets.
Designated as hedging instruments | Fair value hedge
Derivative [Line Items]
Location and amount of gains and losses related to derivative instruments reported on in the income statement	The following table provides the total impact on earnings, recognized in income within foreign exchange gains (losses), relating to the derivative instruments formally designated as fair value hedges along with the impact of the related hedged items for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended Foreign currency forward contracts September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Amount of loss recognized in income on derivative $ (4,175 ) $ (14,817 ) $ (21,965 ) $ (9,979 ) Amount of gain on hedged item recognized in income attributable to risk being hedged $ 4,175 $ 14,817 $ 21,965 $ 9,979 Amount of gain (loss) recognized in income on derivative (ineffective portion) $ — $ — $ — $ —
Designated as hedging instruments | Cash flow hedge
Derivative [Line Items]
Location and amount of gains and losses related to derivative instruments reported on in the income statement	The following table provides the total impact on other comprehensive income (loss) and earnings relating to the derivative instruments formally designated as cash flow hedges along with the impact of the related hedged items for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended Interest rate swap contracts September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Amount of effective portion recognized in other comprehensive income $ 3,178 $ 3,302 $ 10,064 $ 9,762 Amount of effective portion subsequently reclassified to earnings $ (3,253 ) $ (3,302 ) $ (9,728 ) $ (9,762 ) Amount of ineffective portion excluded from effectiveness testing $ 75 $ — $ (336 ) $ —

Reserve for losses and loss e32

Reserve for losses and loss expenses (Tables)	9 Months Ended
	Sep. 30, 2015
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]
Reserve for losses and loss expenses	The following table represents an analysis of paid and unpaid losses and loss expenses incurred and a reconciliation of the beginning and ending unpaid losses and loss expenses for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Reserve for losses and loss expenses, beginning of period $ 3,187,177 $ 2,867,307 $ 3,234,394 $ 3,030,399 Losses and loss expenses recoverable (376,665 ) (338,734 ) (377,466 ) (370,154 ) Net reserves for losses and loss expenses, beginning of period 2,810,512 2,528,573 2,856,928 2,660,245 Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in: Current year 349,759 279,690 1,011,111 713,177 Prior years (a) (91,501 ) (55,565 ) (245,778 ) (167,636 ) Total incurred losses and loss expenses (a) 258,258 224,125 765,333 545,541 Less net losses and loss expenses paid in respect of losses occurring in: Current year (63,151 ) (74,618 ) (105,216 ) (99,326 ) Prior years (207,514 ) (183,697 ) (700,507 ) (633,048 ) Total net paid losses (270,665 ) (258,315 ) (805,723 ) (732,374 ) Foreign exchange gain (13,983 ) (40,717 ) (32,416 ) (19,746 ) Net reserve for losses and loss expenses, end of period 2,784,122 2,453,666 2,784,122 2,453,666 Losses and loss expenses recoverable 385,212 298,502 385,212 298,502 Reserve for losses and loss expenses, end of period $ 3,169,334 $ 2,752,168 $ 3,169,334 $ 2,752,168 Incurred losses and loss expenses comprise: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Gross losses and loss expenses (a) $ 285,871 $ 222,356 $ 854,438 $ 587,111 Reinsurance recoverable (27,613 ) 1,769 (89,105 ) (41,570 ) Net incurred losses and loss expenses (a) $ 258,258 $ 224,125 $ 765,333 $ 545,541 (a) Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was amortized to income through a reduction in losses and loss expenses of $2,524 and $8,639 during the three and nine months ended September 30, 2015 , respectively. The remaining fair value adjustment of $2,340 will be amortized during the remainder of 2015.
Prior year development by segment and line of business	The net favorable development on prior years by segment and line of business for the three and nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended September 30, 2015 Property Marine Specialty Liability Total (a) Validus Re $ (27,613 ) $ (13,556 ) $ (9,306 ) $ — $ (50,475 ) Talbot (9,706 ) (14,854 ) (11,412 ) — (35,972 ) Western World (b) (1,054 ) — — (4,000 ) (5,054 ) Net favorable development (b) $ (38,373 ) $ (28,410 ) $ (20,718 ) $ (4,000 ) $ (91,501 ) (a) AlphaCat has not had any development on prior accident years. (b) Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was amortized to income through a reduction in losses and loss expenses of $2,524 during the three months ended September 30, 2015 . The remaining fair value adjustment of $2,340 will be amortized during the remainder of 2015. The Validus Re segment experienced favorable development on prior years primarily due to favorable development on events, including Superstorm Sandy, Hurricane Ike and the 2010 Chilean earthquake, along with favorable development on attritional losses. The Talbot segment experienced favorable development on prior years primarily due to favorable development on attritional losses. The Western World segment experienced favorable development on prior years primarily due to the amortization of the fair value adjustment made at the acquisition date as well as favorable development on attritional losses. Three Months Ended September 30, 2014 Property Marine Specialty Total (a) Validus Re $ (16,384 ) $ (2,843 ) $ (913 ) $ (20,140 ) Talbot (13,285 ) (11,922 ) (10,218 ) (35,425 ) Net favorable development $ (29,669 ) $ (14,765 ) $ (11,131 ) $ (55,565 ) (a) AlphaCat has not had any development on prior accident years. The Validus Re and Talbot segments experienced favorable development on prior years primarily due to favorable development on attritional losses. Nine Months Ended September 30, 2015 Property Marine Specialty Liability Total Validus Re $ (58,437 ) $ (29,225 ) $ (18,388 ) $ — $ (106,050 ) AlphaCat (844 ) — — — (844 ) Talbot (47,141 ) (51,178 ) (24,926 ) — (123,245 ) Western World (a) (4,648 ) — — (10,991 ) (15,639 ) Net favorable development (a) $ (111,070 ) $ (80,403 ) $ (43,314 ) $ (10,991 ) $ (245,778 ) (a) Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was amortized to income through a reduction in losses and loss expenses of $8,639 during the nine months ended September 30, 2015 . The remaining fair value adjustment of $2,340 will be amortized during the remainder of 2015. The Validus Re segment experienced favorable development on prior years primarily due to favorable development on events and attritional losses. The Talbot segment experienced favorable development on prior years primarily due to favorable development on attritional losses and certain events, including the Thailand floods, which was a 2011 notable loss event. The Western World segment experienced favorable development on prior years primarily due to the amortization of the fair value adjustment made at the acquisition date as well as favorable development on attritional losses. Nine Months Ended September 30, 2014 Property Marine Specialty Total Validus Re $ (50,598 ) $ (5,213 ) $ (1,025 ) $ (56,836 ) AlphaCat (11,608 ) — — (11,608 ) Talbot (43,905 ) (18,191 ) (37,096 ) (99,192 ) Net favorable development $ (106,111 ) $ (23,404 ) $ (38,121 ) $ (167,636 ) The Validus Re segment experienced favorable development on prior years primarily due to favorable development on attritional losses, partially offset by an increase in the loss estimate on agriculture losses. The AlphaCat segment experienced favorable development on prior years primarily due to the partial release of a 2013 aggregate excess of loss contract. The Talbot segment experienced favorable development on prior years primarily due to a combination of favorable development on attritional losses and notable loss events, primarily the Tohoku earthquake.

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2015
Reinsurance Disclosures [Abstract]
Reinsurance recoverables by reinsurer	Reinsurance recoverables by reinsurer as at September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Reinsurance Recoverable % of Total Reinsurance Recoverable % of Total Top 10 reinsurers $ 330,550 81.2 % $ 312,205 75.1 % Other reinsurers’ balances > $1 million 67,209 16.5 % 94,247 22.7 % Other reinsurers’ balances < $1 million 9,134 2.3 % 9,092 2.2 % Total $ 406,893 100.0 % $ 415,544 100.0 % September 30, 2015 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Swiss Re AA- $ 78,548 19.3 % Lloyd's Syndicates A+ 71,085 17.5 % Everest Re A+ 47,395 11.6 % Hannover Re AA- 42,706 10.5 % Fully Collateralized NR 27,604 6.8 % Munich Re AA- 19,063 4.7 % Hamilton Re A- 12,613 3.1 % Transatlantic Re A+ 11,921 2.9 % National Indemnity Company AA+ 10,293 2.5 % XL Re A+ 9,322 2.3 % Total $ 330,550 81.2 % NR: Not rated December 31, 2014 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Swiss Re AA- $ 70,848 17.0 % Lloyd's Syndicates A+ 62,318 15.0 % Everest Re A+ 51,425 12.4 % Hannover Re AA- 40,927 9.8 % Fully Collateralized NR 23,315 5.6 % Munich Re AA- 19,384 4.7 % Transatlantic Re A+ 12,418 3.0 % XL Re A+ 11,114 2.7 % Berkshire Hathaway Homestate AA+ 10,372 2.5 % Merrimack Mutual Fire Insurance A+ 10,084 2.4 % Total $ 312,205 75.1 % NR: Not rated

Share capital (Tables)

Share capital (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Summary of common shares issued and outstanding	The following table is a summary of the common shares issued and outstanding: Common Shares Common shares issued, December 31, 2014 155,554,224 Restricted share awards vested, net of shares withheld 610,714 Restricted share units vested, net of shares withheld 13,260 Options exercised 782,465 Warrants exercised 1,461,715 Direct issuance of common stock 639 Performance share awards vested, net of shares withheld 11,524 Common shares issued, September 30, 2015 158,434,541 Treasury shares, September 30, 2015 (76,436,650 ) Common shares outstanding, September 30, 2015 81,997,891 Common Shares Common shares issued, December 31, 2013 154,488,497 Restricted share awards vested, net of shares withheld 594,582 Restricted share units vested, net of shares withheld 10,265 Options exercised 133,385 Direct issuance of common stock 1,060 Performance share awards vested, net of shares withheld 25,767 Common shares issued, September 30, 2014 155,253,556 Treasury shares, September 30, 2014 (66,141,285 ) Common shares outstanding, September 30, 2014 89,112,271

Stock plans (Tables)

Stock plans (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options, activity during the period	Activity with respect to options for the nine months ended September 30, 2015 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, December 31, 2014 1,160,057 $ 7.12 $ 17.74 Options exercised (1,094,656 ) 7.09 17.60 Options outstanding, September 30, 2015 65,401 $ 7.74 $ 20.17 Activity with respect to options for the nine months ended September 30, 2014 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, December 31, 2013 1,572,713 $ 6.66 $ 18.88 Options exercised (133,385 ) 3.81 25.10 Options outstanding, September 30, 2014 1,439,328 $ 6.93 $ 18.30
Restricted shares awards, activity during the period	Activity with respect to unvested restricted share awards for the nine months ended September 30, 2015 was as follows: Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, December 31, 2014 2,858,711 $ 35.81 Restricted share awards granted 706,341 43.58 Restricted share awards vested (783,704 ) 34.40 Restricted share awards forfeited (52,642 ) 38.03 Restricted share awards outstanding, September 30, 2015 2,728,706 $ 38.19 Activity with respect to unvested restricted share awards for the nine months ended September 30, 2014 was as follows: Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, December 31, 2013 2,684,745 $ 33.74 Restricted share awards granted 925,610 37.33 Restricted share awards vested (769,971 ) 31.47 Restricted share awards forfeited (69,117 ) 36.28 Restricted share awards outstanding, September 30, 2014 2,771,267 $ 35.50
Restricted share units, activity during the period	Activity with respect to unvested restricted share units for the nine months ended September 30, 2015 was as follows: Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, December 31, 2014 103,484 $ 36.54 Restricted share units granted 28,057 42.91 Restricted share units vested (19,455 ) 34.58 Restricted share units issued in lieu of cash dividends 2,337 37.21 Restricted share units forfeited (892 ) 35.42 Restricted share units outstanding, September 30, 2015 113,531 $ 38.47 Activity with respect to unvested restricted share units for the nine months ended September 30, 2014 was as follows: Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, December 31, 2013 66,518 $ 33.74 Restricted share units granted 53,025 38.10 Restricted share units vested (18,325 ) 30.71 Restricted share units issued in lieu of cash dividends 1,479 34.19 Restricted share units outstanding, September 30, 2014 102,697 $ 36.54
Performance share awards, activity during the period	Activity with respect to unvested performance share awards for the nine months ended September 30, 2015 was as follows: Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, December 31, 2014 106,369 $ 36.03 Performance share awards granted 81,569 45.03 Performance share awards vested (15,344 ) 31.38 Performance share awards outstanding, September 30, 2015 172,594 $ 40.70 Activity with respect to unvested performance share awards for the nine months ended September 30, 2014 was as follows: Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, December 31, 2013 101,820 $ 33.56 Performance share awards granted 52,639 37.33 Performance share awards vested (32,746 ) 32.62 Performance share awards conversion adjustment (15,344 ) $ 31.38 Performance share awards outstanding, September 30, 2014 106,369 $ 36.03
Total share compensation expenses	The breakdown of share compensation expenses by award type for the periods indicated was as follows: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Restricted share awards $ 9,081 $ 8,180 26,213 23,101 Restricted share units 310 269 851 602 Performance share awards 592 315 1,215 549 Total $ 9,983 $ 8,764 $ 28,279 $ 24,252

Debt and financing arrangemen36

Debt and financing arrangements (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of financing structure	The financing structure at September 30, 2015 was: Commitment Issued and outstanding (a) Drawn 2006 Junior Subordinated Deferrable Debentures $ 150,000 $ 150,000 $ 150,000 2007 Junior Subordinated Deferrable Debentures 200,000 139,800 139,800 Flagstone 2006 Junior Subordinated Deferrable Debentures 134,504 134,504 134,504 Flagstone 2007 Junior Subordinated Deferrable Debentures 113,750 113,750 113,750 Total debentures payable 598,254 538,054 538,054 2010 Senior Notes due 2040 250,000 250,000 247,387 Total debentures and senior notes payable 848,254 788,054 785,441 $400,000 syndicated unsecured letter of credit facility 400,000 — — $525,000 syndicated secured letter of credit facility 525,000 244,358 — $30,000 secured bi-lateral letter of credit facility 30,000 10,172 — Talbot FAL facility 25,000 25,000 — AlphaCat Re secured letter of credit facility 30,000 30,000 — IPC bi-lateral facility 25,000 10,782 — $230,000 Flagstone bi-lateral facility 230,000 205,593 — Total credit and other facilities 1,265,000 525,905 — Total debt and financing arrangements $ 2,113,254 $ 1,313,959 $ 785,441 The financing structure at December 31, 2014 was: Commitment Issued and outstanding (a) Drawn 2006 Junior Subordinated Deferrable Debentures $ 150,000 $ 150,000 $ 150,000 2007 Junior Subordinated Deferrable Debentures 200,000 139,800 139,800 Flagstone 2006 Junior Subordinated Deferrable Debentures 135,727 135,727 135,727 Flagstone 2007 Junior Subordinated Deferrable Debentures 113,750 113,750 113,750 Total debentures payable 599,477 539,277 539,277 2010 Senior Notes due 2040 250,000 250,000 247,306 Total debentures and senior notes payable 849,477 789,277 786,583 $400,000 syndicated unsecured letter of credit facility 400,000 — — $525,000 syndicated secured letter of credit facility 525,000 276,455 — $200,000 secured bi-lateral letter of credit facility 200,000 15,649 — Talbot FAL facility 25,000 25,000 — PaCRe senior secured letter of credit facility 10,000 294 — AlphaCat Re secured letter of credit facility 30,000 30,000 — IPC bi-lateral facility 40,000 15,897 — $375,000 Flagstone bi-lateral facility 375,000 198,389 — Total credit and other facilities 1,605,000 561,684 — Total debt and financing arrangements $ 2,454,477 $ 1,350,961 $ 786,583 (a) Indicates utilization of commitment amount, not necessarily drawn borrowings.
Debt Instruments [Line Items]
Components of finance expenses	Finance expenses consist of interest on the junior subordinated deferrable debentures and senior notes, the amortization of debt offering costs, credit facilities fees, bank charges, AlphaCat financing fees and Talbot FAL costs as follows: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2006 Junior Subordinated Deferrable Debentures $ 2,235 $ 2,235 $ 6,633 $ 6,633 2007 Junior Subordinated Deferrable Debentures 1,848 1,848 5,492 5,492 Flagstone 2006 Junior Subordinated Deferrable Debentures 2,274 2,269 6,735 6,736 Flagstone 2007 Junior Subordinated Deferrable Debentures 1,807 1,807 5,335 5,335 2010 Senior Notes due 2040 5,597 5,597 16,791 16,791 Credit facilities 1,293 1,295 4,193 4,225 Bank charges 76 88 337 303 AlphaCat fees (a) 2,348 384 9,456 2,030 Talbot FAL Facility 20 (169 ) 113 (165 ) Total finance expenses $ 17,498 $ 15,354 $ 55,085 $ 47,380 (a) Includes finance expenses incurred by AlphaCat Managers, Ltd. in relation to fund raising for AlphaCat direct, the AlphaCat ILS funds, AlphaCat 2015 and AlphaCat 2014.
At Issuance
Debt Instruments [Line Items]
Summary of key terms of senior notes and junior subordinated deferrable debentures	The following table summarizes the key terms of the Company's senior notes and junior subordinated deferrable debentures as at the issuance date for each placement. Description Issuance date Commitment Maturity date Fixed/Spread Interest payments due 2006 Junior Subordinated Deferrable Debentures June 15, 2006 $ 150,000 June 15, 2036 9.069 % (a) Quarterly Flagstone 2006 Junior Subordinated Deferrable Debentures August 23, 2006 $ 134,504 September 15, 2036 3.540 % (b) Quarterly 2007 Junior Subordinated Deferrable Debentures June 21, 2007 $ 200,000 June 15, 2037 8.480 % (a) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures June 8, 2007 $ 88,750 July 30, 2037 3.000 % (b) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures September 20, 2007 $ 25,000 September 15, 2037 3.100 % (b) Quarterly 2010 Senior Notes due 2040 January 26, 2010 $ 250,000 January 26, 2040 8.875 % (a) Semi-annually in arrears (a) Fixed interest rate. (b) Variable interest rate is the three-month LIBOR, reset quarterly, plus spread as noted in the table.
Outstanding
Debt Instruments [Line Items]
Summary of key terms of senior notes and junior subordinated deferrable debentures	The following table summarizes the key terms of the Company's senior notes and junior subordinated deferrable debentures as at September 30, 2015 : Description Issuance date Commitment Maturity date Fixed/Spread Interest payments due 2006 Junior Subordinated Deferrable Debentures June 15, 2006 $ 150,000 June 15, 2036 5.831 % (b) Quarterly Flagstone 2006 Junior Subordinated Deferrable Debentures August 23, 2006 $ 134,482 September 15, 2036 6.463 % (b) Quarterly 2007 Junior Subordinated Deferrable Debentures June 21, 2007 $ 200,000 June 15, 2037 5.180 % (b) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures June 8, 2007 $ 88,750 July 30, 2037 5.900 % (b) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures September 20, 2007 $ 25,000 September 15, 2037 5.983 % (b) Quarterly 2010 Senior Notes due 2040 January 26, 2010 $ 250,000 January 26, 2040 8.875 % (a) Semi-annually in arrears (a) Fixed interest rate. (b) Interest rate has been fixed as a result of interest rate swap contracts entered into by the Company.

Accumulated other comprehensi37

Accumulated other comprehensive loss (Tables)	9 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in accumulated other comprehensive loss	The changes in accumulated other comprehensive loss, by component for the three and nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended September 30, 2015 Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Balance beginning of period, net of tax $ (8,374 ) $ (53 ) $ (639 ) $ (9,066 ) Net current period other comprehensive (loss) income, net of tax (1,850 ) (28 ) 75 (1,803 ) Balance end of period, net of tax $ (10,224 ) $ (81 ) $ (564 ) $ (10,869 ) Three Months Ended September 30, 2014 Foreign currency translation adjustment Total Balance beginning of period, net of tax $ 2,460 $ 2,460 Net current period other comprehensive loss, net of tax (5,198 ) (5,198 ) Balance end of period, net of tax $ (2,738 ) $ (2,738 ) Nine Months Ended September 30, 2015 Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Balance beginning of period, net of tax $ (8,118 ) $ (210 ) $ (228 ) $ (8,556 ) Net current period other comprehensive (loss) income, net of tax (2,106 ) 129 (336 ) (2,313 ) Balance end of period, net of tax $ (10,224 ) $ (81 ) $ (564 ) $ (10,869 ) Nine Months Ended September 30, 2014 Foreign currency translation adjustment Total Balance beginning of period, net of tax $ (617 ) $ (617 ) Net current period other comprehensive loss, net of tax (2,121 ) (2,121 ) Balance end of period, net of tax $ (2,738 ) $ (2,738 )

Commitments and contingencies (

Commitments and contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Components of required capital	The amounts of cash, investments and letters of credit provided for each year of account as follows: 2015 Underwriting Year 2014 Underwriting Year Talbot FAL facility $ 25,000 $ 25,000 Group funds 570,100 450,000 Total $ 595,100 $ 475,000

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic and earnings per diluted share for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Basic earnings per share Net (loss) income $ (5,013 ) $ (13,397 ) $ 289,032 $ 381,172 Loss (income) attributable to noncontrolling interest 71,663 53,069 15,042 (25,745 ) Net income available to Validus 66,650 39,672 304,074 355,427 Less: Dividends and distributions declared on outstanding warrants (1,080 ) (1,552 ) (3,566 ) (4,656 ) Income available to common shareholders $ 65,570 $ 38,120 $ 300,508 $ 350,771 Weighted average number of common shares outstanding 82,635,316 90,593,329 83,296,703 91,665,950 Basic earnings per share available to common shareholders $ 0.79 $ 0.42 $ 3.61 $ 3.83 Earnings per diluted share Net (loss) income $ (5,013 ) $ (13,397 ) $ 289,032 $ 381,172 Loss (income) attributable to noncontrolling interest 71,663 53,069 15,042 (25,745 ) Net income available to Validus 66,650 39,672 304,074 355,427 Less: Dividends and distributions declared on outstanding warrants — (1,552 ) — — Income available to common shareholders $ 66,650 $ 38,120 $ 304,074 $ 355,427 Weighted average number of common shares outstanding 82,635,316 90,593,329 83,296,703 91,665,950 Share equivalents: Warrants 2,054,378 — 2,290,892 2,747,399 Stock options 47,702 760,267 190,429 752,145 Unvested restricted shares 892,098 586,014 1,063,903 772,147 Weighted average number of diluted common shares outstanding 85,629,494 91,939,610 86,841,927 95,937,641 Earnings per diluted share available to common shareholders $ 0.78 $ 0.41 $ 3.50 $ 3.70

Segment information (Tables)

Segment information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Summary of results of operating segments and Corporate	The following tables summarize the results of our operating segments and "Corporate": Three Months Ended September 30, 2015 Validus Re Segment AlphaCat Segment Talbot Segment Western World Segment Corporate & Eliminations Total Underwriting income Gross premiums written $ 102,913 $ 9,448 $ 226,025 $ 70,871 $ (7,576 ) $ 401,681 Reinsurance premiums ceded (15,462 ) — (35,823 ) (4,716 ) 7,576 (48,425 ) Net premiums written 87,451 9,448 190,202 66,155 — 353,256 Change in unearned premiums 153,210 35,276 15,942 (2,225 ) — 202,203 Net premiums earned 240,661 44,724 206,144 63,930 — 555,459 Underwriting deductions Losses and loss expenses 120,958 2,076 94,414 40,810 — 258,258 Policy acquisition costs 42,989 4,658 44,575 13,214 (345 ) 105,091 General and administrative expenses 19,964 4,674 43,292 9,587 18,482 95,999 Share compensation expenses 2,691 141 3,214 554 3,383 9,983 Total underwriting deductions 186,602 11,549 185,495 64,165 21,520 469,331 Underwriting income (loss) $ 54,059 $ 33,175 $ 20,649 $ (235 ) $ (21,520 ) $ 86,128 Net investment income 18,362 1,533 6,457 5,634 (462 ) 31,524 Other insurance related income (loss) 2,569 7,522 470 248 (652 ) 10,157 Finance expenses (3,624 ) (2,355 ) (57 ) — (11,462 ) (17,498 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors 71,366 39,875 27,519 5,647 (34,096 ) 110,311 Tax benefit (expense) 851 — (1,141 ) (2,431 ) 703 (2,018 ) Income from operating affiliates — 5,526 — — — 5,526 (Income) attributable to AlphaCat investors — (40,256 ) — — — (40,256 ) Net operating income (loss) $ 72,217 $ 5,145 $ 26,378 $ 3,216 $ (33,393 ) $ 73,563 Net realized (losses) gains on investments (1,512 ) (40,673 ) 199 80 — (41,906 ) Change in net unrealized (losses) gains on investments (6,257 ) (36,673 ) 1,263 6,406 353 (34,908 ) Income from investment affiliate 1,842 — — 640 — 2,482 Foreign exchange (losses) gains (441 ) 57 (3,682 ) — 1,792 (2,274 ) Other loss (1,970 ) — — — — (1,970 ) Net income (loss) $ 63,879 $ (72,144 ) $ 24,158 $ 10,342 $ (31,248 ) $ (5,013 ) Net loss attributable to noncontrolling interest — 71,663 — — — 71,663 Net income (loss) available (attributable) to Validus $ 63,879 $ (481 ) $ 24,158 $ 10,342 $ (31,248 ) $ 66,650 Selected ratios (a): Net premiums written / Gross premiums written 85.0 % 100.0 % 84.2 % 93.3 % 87.9 % Losses and loss expenses 50.3 % 4.6 % 45.8 % 63.8 % 46.5 % Policy acquisition costs 17.9 % 10.4 % 21.6 % 20.7 % 18.9 % General and administrative expenses (b) 9.4 % 10.8 % 22.6 % 15.9 % 19.1 % Expense ratio 27.3 % 21.2 % 44.2 % 36.6 % 38.0 % Combined ratio 77.6 % 25.8 % 90.0 % 100.4 % 84.5 % Total assets $ 4,441,212 $ 2,313,667 $ 2,923,237 $ 1,475,881 $ 81,966 $ 11,235,963 (a) Ratios are based on net premiums earned. (b) The general and administrative expense ratio includes share compensation expenses. Three Months Ended September 30, 2014 Validus Re Segment (c) AlphaCat Segment Talbot Segment Corporate & Eliminations (c) Total Underwriting income Gross premiums written $ 114,380 $ 6,936 $ 245,685 $ (8,027 ) $ 358,974 Reinsurance premiums ceded (10,382 ) (648 ) (27,134 ) 8,027 (30,137 ) Net premiums written 103,998 6,288 218,551 — 328,837 Change in unearned premiums 122,712 28,850 14,297 — 165,859 Net premiums earned 226,710 35,138 232,848 — 494,696 Underwriting deductions Losses and loss expenses 102,005 3,738 118,382 — 224,125 Policy acquisition costs 36,177 3,378 47,862 (1,013 ) 86,404 General and administrative expenses 18,522 7,719 37,709 19,369 83,319 Share compensation expenses 2,582 179 2,990 3,013 8,764 Total underwriting deductions 159,286 15,014 206,943 21,369 402,612 Underwriting income (loss) $ 67,424 $ 20,124 $ 25,905 $ (21,369 ) $ 92,084 Net investment income 20,270 837 4,965 (811 ) 25,261 Other insurance related income (loss) 863 5,980 109 (3,342 ) 3,610 Finance expenses (3,622 ) (385 ) 162 (11,509 ) (15,354 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors 84,935 26,556 31,141 (37,031 ) 105,601 Tax benefit (expense) 1,058 — 332 (437 ) 953 Income from operating affiliates — 3,761 — — 3,761 (Income) attributable to AlphaCat investors — (25,807 ) — — (25,807 ) Net operating income (loss) $ 85,993 $ 4,510 $ 31,473 $ (37,468 ) $ 84,508 Net realized gains on investments 1,641 2,563 391 — 4,595 Change in net unrealized losses on investments (21,624 ) (60,253 ) (3,097 ) — (84,974 ) Income from investment affiliate 1,754 — — — 1,754 Foreign exchange (losses) gains (6,056 ) (51 ) (7,114 ) 1,780 (11,441 ) Other loss (7,690 ) — — — (7,690 ) Transaction expenses (d) — — — (149 ) (149 ) Net income (loss) $ 54,018 $ (53,231 ) $ 21,653 $ (35,837 ) $ (13,397 ) Net loss attributable to noncontrolling interest — 53,069 — — 53,069 Net income (loss) available (attributable) to Validus $ 54,018 $ (162 ) $ 21,653 $ (35,837 ) $ 39,672 Selected ratios (a): Net premiums written / Gross premiums written 90.9 % 90.7 % 89.0 % 91.6 % Losses and loss expenses 45.0 % 10.6 % 50.8 % 45.3 % Policy acquisition costs 16.0 % 9.6 % 20.6 % 17.5 % General and administrative expenses (b) 9.3 % 22.5 % 17.5 % 18.6 % Expense ratio 25.3 % 32.1 % 38.1 % 36.1 % Combined ratio 70.3 % 42.7 % 88.9 % 81.4 % Total assets $ 4,740,003 $ 1,688,191 $ 2,901,264 $ 749,678 $ 10,079,136 (a) Ratios are based on net premiums earned. (b) The general and administrative expense ratio includes share compensation expenses. (c) Beginning in the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $517 for the three months ended September 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis. (d) The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Western World results have not been included in the Company's consolidated results for the three months ended September 30, 2014 . Transaction expenses are primarily comprised of legal, financial advisory and audit related services. Nine Months Ended September 30, 2015 Validus Re Segment AlphaCat Segment Talbot Segment Western World Segment Corporate & Eliminations Total Underwriting income Gross premiums written $ 1,111,020 $ 176,129 $ 789,148 $ 207,372 $ (35,522 ) $ 2,248,147 Reinsurance premiums ceded (147,611 ) (4,538 ) (164,144 ) (13,390 ) 35,522 (294,161 ) Net premiums written 963,409 171,591 625,004 193,982 — 1,953,986 Change in unearned premiums (205,110 ) (54,196 ) 9,167 2,948 — (247,191 ) Net premiums earned 758,299 117,395 634,171 196,930 — 1,706,795 Underwriting deductions Losses and loss expenses 357,491 1,232 268,512 138,098 — 765,333 Policy acquisition costs 128,909 12,162 141,338 27,110 (1,367 ) 308,152 General and administrative expenses 58,254 12,202 115,341 29,137 49,056 263,990 Share compensation expenses 7,665 440 9,195 1,525 9,454 28,279 Total underwriting deductions 552,319 26,036 534,386 195,870 57,143 1,365,754 Underwriting income (loss) $ 205,980 $ 91,359 $ 99,785 $ 1,060 $ (57,143 ) $ 341,041 Net investment income 56,694 4,872 19,168 16,660 (1,241 ) 96,153 Other insurance related income (loss) 3,318 17,048 564 787 (3,580 ) 18,137 Finance expenses (11,068 ) (9,462 ) (231 ) — (34,324 ) (55,085 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors 254,924 103,817 119,286 18,507 (96,288 ) 400,246 Tax expense (14 ) — (4,286 ) (2,420 ) (412 ) (7,132 ) Income from operating affiliates — 12,083 — — — 12,083 (Income) attributable to AlphaCat investors — (94,341 ) — — — (94,341 ) Net operating income (loss) $ 254,910 $ 21,559 $ 115,000 $ 16,087 $ (96,700 ) $ 310,856 Net realized gains (losses) on investments 717 (40,544 ) 2,140 2,194 — (35,493 ) Change in net unrealized gains (losses) on investments 76 17,258 163 2,340 (71 ) 19,766 Income from investment affiliate 4,204 — — 1,338 — 5,542 Foreign exchange (losses) gains (6,571 ) (37 ) (4,949 ) — 2,496 (9,061 ) Other loss (2,578 ) — — — — (2,578 ) Net income (loss) $ 250,758 $ (1,764 ) $ 112,354 $ 21,959 $ (94,275 ) $ 289,032 Net loss attributable to noncontrolling interest — 15,042 — — — 15,042 Net income (loss) available (attributable) to Validus $ 250,758 $ 13,278 $ 112,354 $ 21,959 $ (94,275 ) $ 304,074 Selected ratios (a): Net premiums written / Gross premiums written 86.7 % 97.4 % 79.2 % 93.5 % 86.9 % Losses and loss expenses 47.1 % 1.0 % 42.4 % 70.1 % 44.8 % Policy acquisition costs 17.0 % 10.4 % 22.3 % 13.8 % 18.1 % General and administrative expenses (b) 8.7 % 10.8 % 19.6 % 15.6 % 17.1 % Expense ratio 25.7 % 21.2 % 41.9 % 29.4 % 35.2 % Combined ratio 72.8 % 22.2 % 84.3 % 99.5 % 80.0 % Total assets $ 4,441,212 $ 2,313,667 $ 2,923,237 $ 1,475,881 $ 81,966 $ 11,235,963 (a) Ratios are based on net premiums earned. (b) The general and administrative expense ratio includes share compensation expenses. Nine Months Ended September 30, 2014 Validus Re Segment (c) AlphaCat Segment Talbot Segment Corporate & Eliminations (c) Total Underwriting income Gross premiums written $ 1,081,816 $ 135,073 $ 854,324 $ (44,574 ) $ 2,026,639 Reinsurance premiums ceded (161,721 ) (4,348 ) (154,115 ) 44,574 (275,610 ) Net premiums written 920,095 130,725 700,209 — 1,751,029 Change in unearned premiums (233,271 ) (32,444 ) (41,658 ) — (307,373 ) Net premiums earned 686,824 98,281 658,551 — 1,443,656 Underwriting deductions Losses and loss expenses 247,848 (7,155 ) 304,848 — 545,541 Policy acquisition costs 106,547 9,414 138,383 (3,338 ) 251,006 General and administrative expenses 53,757 15,627 107,031 55,191 231,606 Share compensation expenses 7,126 330 8,434 8,362 24,252 Total underwriting deductions 415,278 18,216 558,696 60,215 1,052,405 Underwriting income (loss) $ 271,546 $ 80,065 $ 99,855 $ (60,215 ) $ 391,251 Net investment income 54,810 2,546 14,322 (1,769 ) 69,909 Other insurance related income (loss) 2,385 21,482 384 (7,793 ) 16,458 Finance expenses (11,131 ) (2,039 ) 68 (34,278 ) (47,380 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors 317,610 102,054 114,629 (104,055 ) 430,238 Tax benefit (expense) 1,176 — (902 ) (672 ) (398 ) Income from operating affiliates — 13,580 — — 13,580 (Income) attributable to AlphaCat investors — (82,833 ) — — (82,833 ) Net operating income (loss) $ 318,786 $ 32,801 $ 113,727 $ (104,727 ) $ 360,587 Net realized gains on investments 5,411 10,230 552 — 16,193 Change in net unrealized (losses) gains on investments (1,719 ) 15,706 2,159 — 16,146 Income from investment affiliate 7,881 — — — 7,881 Foreign exchange (losses) gains (9,384 ) (204 ) (5,897 ) 724 (14,761 ) Other loss (1,473 ) — — — (1,473 ) Transaction expenses (d) — — — (3,401 ) (3,401 ) Net income (loss) $ 319,502 $ 58,533 $ 110,541 $ (107,404 ) $ 381,172 Net (income) attributable to noncontrolling interest — (25,745 ) — — (25,745 ) Net income (loss) available (attributable) to Validus $ 319,502 $ 32,788 $ 110,541 $ (107,404 ) $ 355,427 Selected ratios (a): Net premiums written / Gross premiums written 85.1 % 96.8 % 82.0 % 86.4 % Losses and loss expenses 36.1 % (7.3 )% 46.3 % 37.8 % Policy acquisition costs 15.5 % 9.6 % 21.0 % 17.4 % General and administrative expenses (b) 8.9 % 16.2 % 17.5 % 17.7 % Expense ratio 24.4 % 25.8 % 38.5 % 35.1 % Combined ratio 60.5 % 18.5 % 84.8 % 72.9 % Total assets $ 4,740,003 $ 1,688,191 $ 2,901,264 $ 749,678 $ 10,079,136 (a) Ratios are based on net premiums earned. (b) The general and administrative expense ratio includes share compensation expenses. (c) Beginning in the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $22,353 for the nine months ended September 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis. (d) The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Western World results have not been included in the Company's consolidated results for the nine months ended September 30, 2014 . Transaction expenses are primarily comprised of legal, financial advisory and audit related services.
Gross premiums written allocated to the territory of coverage exposure	The following tables set forth the gross premiums written allocated to the territory of coverage exposure for the periods indicated: Three Months Ended September 30, 2015 Gross Premiums Written Validus Re AlphaCat Talbot Western World Eliminations Total % United States $ 34,578 $ 3,615 $ 21,886 $ 70,871 $ (296 ) $ 130,654 32.5 % Worldwide excluding United States (a) 5,409 100 30,721 — (139 ) 36,091 9.0 % Australia and New Zealand 480 — 3,520 — (92 ) 3,908 1.0 % Europe 6,142 22 7,839 — (78 ) 13,925 3.5 % Latin America and Caribbean 18,771 — 27,249 — (3,717 ) 42,303 10.5 % Japan — — 1,149 — (94 ) 1,055 0.3 % Canada 319 (30 ) 1,455 — (76 ) 1,668 0.4 % Rest of the world (b) 2,621 — 28,380 — (499 ) 30,502 7.6 % Sub-total, non United States 33,742 92 100,313 — (4,695 ) 129,452 32.3 % Worldwide including United States (a) 8,057 4,949 20,296 — (2,593 ) 30,709 7.6 % Other location non-specific (c) 26,536 792 83,530 — 8 110,866 27.6 % Total $ 102,913 $ 9,448 $ 226,025 $ 70,871 $ (7,576 ) $ 401,681 100.0 % Three Months Ended September 30, 2014 Gross Premiums Written Validus Re (d) AlphaCat Talbot Eliminations (d) Total % United States $ 27,394 $ 2,206 $ 17,003 $ 363 $ 46,966 13.1 % Worldwide excluding United States (a) 9,167 (81 ) 29,781 498 39,365 10.9 % Australia and New Zealand 494 — 3,312 (23 ) 3,783 1.1 % Europe 7,540 312 9,821 708 18,381 5.1 % Latin America and Caribbean 15,394 — 24,740 (3,268 ) 36,866 10.3 % Japan 1,635 22 1,274 (45 ) 2,886 0.8 % Canada 179 — 2,430 (71 ) 2,538 0.7 % Rest of the world (b) (138 ) — 27,145 592 27,599 7.7 % Sub-total, non United States 34,271 253 98,503 (1,609 ) 131,418 36.6 % Worldwide including United States (a) 22,647 4,477 18,611 5,540 51,275 14.3 % Other location non-specific (c) 30,068 — 111,568 (12,321 ) 129,315 36.0 % Total $ 114,380 $ 6,936 $ 245,685 $ (8,027 ) $ 358,974 100.0 % Nine Months Ended September 30, 2015 Gross Premiums Written Validus Re AlphaCat Talbot Western World Eliminations Total % United States $ 544,239 $ 42,200 $ 89,980 $ 207,372 $ (2,417 ) $ 881,374 39.2 % Worldwide excluding United States (a) 52,808 8,057 95,894 — (1,183 ) 155,576 6.9 % Australia and New Zealand 12,002 624 6,569 — (233 ) 18,962 0.8 % Europe 47,018 2,863 31,637 — (1,093 ) 80,425 3.6 % Latin America and Caribbean 34,086 — 78,634 — (9,913 ) 102,807 4.6 % Japan 39,191 1,671 4,746 — (159 ) 45,449 2.0 % Canada 3,117 458 5,452 — (216 ) 8,811 0.4 % Rest of the world (b) 24,615 — 76,368 — (3,355 ) 97,628 4.3 % Sub-total, non United States 212,837 13,673 299,300 — (16,152 ) 509,658 22.6 % Worldwide including United States (a) 131,405 115,414 74,794 — (16,946 ) 304,667 13.6 % Other location non-specific (c) 222,539 4,842 325,074 — (7 ) 552,448 24.6 % Total $ 1,111,020 $ 176,129 $ 789,148 $ 207,372 $ (35,522 ) $ 2,248,147 100.0 % Nine Months Ended September 30, 2014 Gross Premiums Written Validus Re (d) AlphaCat Talbot Eliminations (d) Total % United States $ 444,325 $ 31,160 $ 85,465 $ (2,554 ) $ 558,396 27.5 % Worldwide excluding United States (a) 74,516 7,331 105,397 (586 ) 186,658 9.2 % Australia and New Zealand 19,879 1,019 7,615 (245 ) 28,268 1.4 % Europe 54,263 3,005 36,110 (536 ) 92,842 4.6 % Latin America and Caribbean 35,965 — 86,111 (18,216 ) 103,860 5.1 % Japan 40,456 608 3,404 (103 ) 44,365 2.2 % Canada 3,174 215 8,325 (307 ) 11,407 0.6 % Rest of the world (b) 22,541 — 70,702 (2,298 ) 90,945 4.5 % Sub-total, non United States 250,794 12,178 317,664 (22,291 ) 558,345 27.6 % Worldwide including United States (a) 161,366 91,735 71,147 (4,394 ) 319,854 15.8 % Other location non-specific (c) 225,331 — 380,048 (15,335 ) 590,044 29.1 % Total $ 1,081,816 $ 135,073 $ 854,324 $ (44,574 ) $ 2,026,639 100.0 % (a) Represents risks in two or more geographic zones. (b) Represents risks in one geographic zone. (c) The Other locations non-specific category refers to business for which an analysis of exposure by geographic zone is not applicable, such as marine and aerospace risks, since these exposures can span multiple geographic areas and, in some instances, are not fixed locations. (d) During the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written for the Validus Re segment and Corporate & Eliminations were reduced by $517 and $22,353 for the three and nine months ended September 30, 2014 , respectively, for comparative purposes. There was no impact to total gross premiums written on a consolidated basis.

Condensed consolidating finan41

Condensed consolidating financial information (Tables)	9 Months Ended
	Sep. 30, 2015
Condensed Consolidating Financial Information [Abstract]
Condensed consolidating balance sheet	Condensed Consolidating Balance Sheet As at September 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a) Consolidating Adjustments (b) Validus Holdings, Ltd. Consolidated Assets Fixed maturities, at fair value $ 28,757 $ — $ 5,610,299 $ (60,200 ) $ 5,578,856 Short-term investments, at fair value — — 1,661,687 — 1,661,687 Other investments, at fair value — — 891,238 (73,864 ) 817,374 Cash and cash equivalents 10,789 20 397,676 — 408,485 Restricted cash — — 74,002 — 74,002 Total investments and cash 39,546 20 8,634,902 (134,064 ) 8,540,404 Investment in affiliates — — 347,962 — 347,962 Investment in subsidiaries on an equity basis 4,173,423 697,014 — (4,870,437 ) — Premiums receivable — — 1,062,654 — 1,062,654 Deferred acquisition costs — — 225,065 — 225,065 Prepaid reinsurance premiums — — 125,547 — 125,547 Securities lending collateral — — 6,461 — 6,461 Loss reserves recoverable — — 385,212 — 385,212 Paid losses recoverable — — 21,681 — 21,681 Income taxes recoverable — — 15,870 — 15,870 Deferred tax asset — — 22,352 — 22,352 Receivable for investments sold — — 15,055 — 15,055 Intangible assets — — 122,676 — 122,676 Goodwill — — 196,758 — 196,758 Accrued investment income 115 — 23,640 — 23,755 Intercompany receivable 45,270 — 158 (45,428 ) — Other assets 3,294 — 121,217 — 124,511 Total assets $ 4,261,648 $ 697,034 $ 11,327,210 $ (5,049,929 ) $ 11,235,963 Liabilities Reserve for losses and loss expenses $ — $ — $ 3,169,334 $ — $ 3,169,334 Unearned premiums — — 1,281,319 — 1,281,319 Reinsurance balances payable — — 90,838 — 90,838 Securities lending payable — — 6,927 — 6,927 Deferred tax liability — — 8,921 — 8,921 Payable for investments purchased — — 118,164 — 118,164 Accounts payable and accrued expenses 19,701 — 229,133 — 248,834 Intercompany payable — 158 45,270 (45,428 ) — Notes payable to AlphaCat investors — — 1,443,198 — 1,443,198 Senior notes payable 247,387 — — — 247,387 Debentures payable 350,000 — 248,254 (60,200 ) 538,054 Total liabilities $ 617,088 $ 158 $ 6,641,358 $ (105,628 ) $ 7,152,976 Total shareholders' equity available to Validus 3,644,560 696,876 4,247,425 (4,944,301 ) 3,644,560 Noncontrolling interest — — 438,427 — 438,427 Total liabilities, noncontrolling interests and shareholders' equity $ 4,261,648 $ 697,034 $ 11,327,210 $ (5,049,929 ) $ 11,235,963 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Balance Sheet As at December 31, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a) Consolidating Adjustments (b) Validus Holdings, Ltd. Consolidated Assets Fixed maturities, at fair value $ — $ — $ 5,592,931 $ (60,200 ) $ 5,532,731 Short-term investments, at fair value — — 1,051,074 — $ 1,051,074 Other investments, at fair value — — 881,123 (68,112 ) $ 813,011 Cash and cash equivalents 29,798 81 547,361 — $ 577,240 Restricted cash — — 173,003 — 173,003 Total investments and cash 29,798 81 8,245,492 (128,312 ) 8,147,059 Investment in affiliates — — 261,483 — 261,483 Investment in subsidiaries on an equity basis 4,140,770 656,738 — (4,797,508 ) — Premiums receivable — — 707,647 — 707,647 Deferred acquisition costs — — 161,295 — 161,295 Prepaid reinsurance premiums — — 81,983 — 81,983 Securities lending collateral — — 470 — 470 Loss reserves recoverable — — 377,466 — 377,466 Paid losses recoverable — — 38,078 — 38,078 Deferred tax asset — — 23,821 — 23,821 Receivable for investments sold — — 18,318 — 18,318 Intangible assets — — 126,924 — 126,924 Goodwill — — 195,897 — 195,897 Accrued investment income — — 24,865 — 24,865 Intercompany receivable 41,078 — 20 (41,098 ) — Other assets 3,239 — 161,394 — 164,633 Total assets $ 4,214,885 $ 656,819 $ 10,425,153 $ (4,966,918 ) $ 10,329,939 Liabilities Reserve for losses and loss expenses $ — $ — $ 3,234,394 $ — $ 3,234,394 Unearned premiums — — 990,564 — 990,564 Reinsurance balances payable — — 127,128 — 127,128 Securities lending payable — — 936 — 936 Deferred tax liability — — 5,541 — 5,541 Payable for investments purchased — — 68,574 — 68,574 Accounts payable and accrued expenses 29,621 96 288,528 — 318,245 Intercompany payable — 20 41,078 (41,098 ) — Notes payable to AlphaCat investors — — 671,465 — 671,465 Senior notes payable 247,306 — — — 247,306 Debentures payable 350,000 — 249,477 (60,200 ) 539,277 Total liabilities $ 626,927 $ 116 $ 5,677,685 $ (101,298 ) $ 6,203,430 Redeemable noncontrolling interest — — 79,956 — 79,956 Total shareholders' equity available to Validus 3,587,958 656,703 4,208,917 (4,865,620 ) 3,587,958 Noncontrolling interest — — 458,595 — 458,595 Total liabilities, noncontrolling interests and shareholders' equity $ 4,214,885 $ 656,819 $ 10,425,153 $ (4,966,918 ) $ 10,329,939 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.
Condensed consolidating statement of comprehensive income	Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended September 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 555,459 $ — $ 555,459 Net investment income 86 — 32,462 (1,024 ) 31,524 Net realized (losses) on investments — — (41,906 ) — (41,906 ) Change in net unrealized gains (losses) on investments 353 — (33,491 ) (1,770 ) (34,908 ) Income from investment affiliate — — 2,482 — 2,482 Other insurance related income and other (loss) — — 22,319 (14,132 ) 8,187 Foreign exchange gains (losses) 562 — (2,836 ) — (2,274 ) Total revenues $ 1,001 $ — $ 534,489 $ (16,926 ) $ 518,564 Expenses Losses and loss expenses — — 258,258 — 258,258 Policy acquisition costs — — 105,091 — 105,091 General and administrative expenses 19,526 — 90,605 (14,132 ) 95,999 Share compensation expenses 1,834 — 8,149 — 9,983 Finance expenses 11,985 — 6,013 (500 ) 17,498 Total expenses $ 33,345 $ — $ 468,116 $ (14,632 ) $ 486,829 (Loss) income before taxes, income from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries (32,344 ) — 66,373 (2,294 ) 31,735 Tax expense — — (2,018 ) — (2,018 ) Income from operating affiliates — — 5,526 — 5,526 (Income) attributable to AlphaCat investors — — (40,256 ) — (40,256 ) Equity in net earnings (losses) of subsidiaries 98,994 14,139 (170,000 ) 56,867 — Net income (loss) $ 66,650 $ 14,139 $ (140,375 ) $ 54,573 $ (5,013 ) Net loss attributable to noncontrolling interest — — 71,663 — 71,663 Net income (loss) available (attributable) to Validus $ 66,650 $ 14,139 $ (68,712 ) $ 54,573 $ 66,650 Other comprehensive (loss) income (1,803 ) — (1,878 ) 1,878 (1,803 ) Comprehensive income (loss) available (attributable) to Validus $ 64,847 $ 14,139 $ (70,590 ) $ 56,451 $ 64,847 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended September 30, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 494,696 $ — $ 494,696 Net investment income 4 — 26,238 (981 ) 25,261 Net realized gains on investments — — 4,595 — 4,595 Change in net unrealized losses on investments — — (83,499 ) (1,475 ) (84,974 ) Income from investment affiliate — — 1,754 — 1,754 Other insurance related income and other (loss) — — 13,161 (17,241 ) (4,080 ) Foreign exchange gains (losses) 819 1 (12,261 ) — (11,441 ) Total revenues $ 823 $ 1 $ 444,684 $ (19,697 ) $ 425,811 Expenses Losses and loss expenses — — 224,125 — 224,125 Policy acquisition costs — — 86,404 — 86,404 General and administrative expenses 22,347 — 78,213 (17,241 ) 83,319 Share compensation expenses 1,650 — 7,114 — 8,764 Finance expenses 11,979 — 3,864 (489 ) 15,354 Transaction expenses — — 149 — 149 Total expenses $ 35,976 $ — $ 399,869 $ (17,730 ) $ 418,115 (Loss) income before taxes, income from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries (35,153 ) 1 44,815 (1,967 ) 7,696 Tax benefit — — 953 — 953 Income from operating affiliates — — 3,761 — 3,761 (Income) attributable to AlphaCat investors — — (25,807 ) — (25,807 ) Equity in net earnings (losses) of subsidiaries 74,825 (951 ) — (73,874 ) — Net income (loss) $ 39,672 $ (950 ) $ 23,722 $ (75,841 ) $ (13,397 ) Net loss attributable to noncontrolling interest — — 53,069 — 53,069 Net income (loss) available (attributable) to Validus $ 39,672 $ (950 ) $ 76,791 $ (75,841 ) $ 39,672 Other comprehensive (loss) income (5,198 ) — (5,198 ) 5,198 (5,198 ) Comprehensive income (loss) available (attributable) to Validus $ 34,474 $ (950 ) $ 71,593 $ (70,643 ) $ 34,474 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 1,706,795 $ — $ 1,706,795 Net investment income 230 — 98,967 (3,044 ) 96,153 Net realized (losses) on investments — — (35,493 ) — (35,493 ) Change in net unrealized (losses) gains on investments (71 ) — 25,589 (5,752 ) 19,766 Income from investment affiliate — — 5,542 — 5,542 Other insurance related income and other (loss) — — 61,428 (45,869 ) 15,559 Foreign exchange gains (losses) 325 (1 ) (9,385 ) — (9,061 ) Total revenues $ 484 $ (1 ) $ 1,853,443 $ (54,665 ) $ 1,799,261 Expenses Losses and loss expenses — — 765,333 — 765,333 Policy acquisition costs — — 308,152 — 308,152 General and administrative expenses 55,933 2 253,924 (45,869 ) 263,990 Share compensation expenses 5,385 — 22,894 — 28,279 Finance expenses 35,757 — 20,799 (1,471 ) 55,085 Total expenses $ 97,075 $ 2 $ 1,371,102 $ (47,340 ) $ 1,420,839 (Loss) income before taxes, income from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries (96,591 ) (3 ) 482,341 (7,325 ) 378,422 Tax expense — — (7,132 ) — (7,132 ) Income from operating affiliates — — 12,083 — 12,083 (Income) attributable to AlphaCat investors — — (94,341 ) — (94,341 ) Equity in net earnings (losses) of subsidiaries 400,665 36,248 (170,000 ) (266,913 ) — Net income (loss) $ 304,074 $ 36,245 $ 222,951 $ (274,238 ) $ 289,032 Net loss attributable to noncontrolling interest — — 15,042 — 15,042 Net income (loss) available (attributable) to Validus $ 304,074 $ 36,245 $ 237,993 $ (274,238 ) $ 304,074 Other comprehensive (loss) income (2,313 ) — (1,977 ) 1,977 (2,313 ) Comprehensive income (loss) available (attributable) to Validus $ 301,761 $ 36,245 $ 236,016 $ (272,261 ) $ 301,761 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 1,443,656 $ — $ 1,443,656 Net investment income 11 — 72,827 (2,929 ) 69,909 Net realized gains on investments — — 16,193 — 16,193 Change in net unrealized gains on investments — — 14,261 1,885 16,146 Income from investment affiliate — — 7,881 — 7,881 Other insurance related income and other (loss) — — 66,630 (51,645 ) 14,985 Foreign exchange gains (losses) 106 1 (14,868 ) — (14,761 ) Total revenues $ 117 $ 1 $ 1,606,580 $ (52,689 ) $ 1,554,009 Expenses Losses and loss expenses — — 545,541 — 545,541 Policy acquisition costs — — 251,006 — 251,006 General and administrative expenses 66,425 21 216,805 (51,645 ) 231,606 Share compensation expenses 4,769 — 19,483 — 24,252 Finance expenses 35,697 — 13,137 (1,454 ) 47,380 Transaction expenses — — 3,401 — 3,401 Total expenses $ 106,891 $ 21 $ 1,049,373 $ (53,099 ) $ 1,103,186 (Loss) income before taxes, income from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries (106,774 ) (20 ) 557,207 410 450,823 Tax expense — — (398 ) — (398 ) Income from operating affiliates — — 13,580 — 13,580 (Income) attributable to AlphaCat investors — — (82,833 ) — (82,833 ) Equity in net earnings (losses) of subsidiaries 462,201 (2,617 ) — (459,584 ) — Net income (loss) $ 355,427 $ (2,637 ) $ 487,556 $ (459,174 ) $ 381,172 Net (income) attributable to noncontrolling interest — — (25,745 ) — (25,745 ) Net income (loss) available (attributable) to Validus $ 355,427 $ (2,637 ) $ 461,811 $ (459,174 ) $ 355,427 Other comprehensive (loss) income (2,121 ) — (2,121 ) 2,121 (2,121 ) Comprehensive income (loss) available (attributable) to Validus $ 353,306 $ (2,637 ) $ 459,690 $ (457,053 ) $ 353,306 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.
Condensed consolidating statement of cash flows	Condensed Consolidating Statement of Cash Flows For The Nine Months Ended September 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Net cash (used in) provided by operating activities $ (21,503 ) $ (61 ) $ 158,442 $ (85,000 ) $ 51,878 Cash flows provided by (used in) investing activities Proceeds on sales of investments — — 2,888,919 — 2,888,919 Proceeds on maturities of investments — — 260,179 — 260,179 Purchases of fixed maturities (28,901 ) — (3,135,886 ) — (3,164,787 ) Purchases of short-term investments, net — — (639,211 ) — (639,211 ) Purchases of other investments, net — — (26,648 ) — (26,648 ) Increase in securities lending collateral — — (5,991 ) — (5,991 ) Investment in operating affiliates — — (10,400 ) — (10,400 ) Redemption from operating affiliates — — 57,402 — 57,402 Investment in investment affiliates — — (19,086 ) — (19,086 ) Decrease in restricted cash — — 99,001 — 99,001 Return of capital from subsidiaries 305,000 — — (305,000 ) — Net cash provided by (used in) investing activities 276,099 — (531,721 ) (305,000 ) (560,622 ) Cash flows provided by (used in) financing activities Proceeds on issuance of notes payable to AlphaCat investors — — 1,307,789 — 1,307,789 Repayments on notes payable to AlphaCat investors — — (709,059 ) — (709,059 ) Issuance of common shares, net 16,735 — — — 16,735 Purchases of common shares under share repurchase program (203,917 ) — — — (203,917 ) Dividends paid (86,423 ) — (85,000 ) 85,000 (86,423 ) Increase in securities lending payable — — 5,991 — 5,991 Third party investment in redeemable noncontrolling interest — — 55,700 — 55,700 Third party redemption of redeemable noncontrolling interest — — (19,395 ) — (19,395 ) Return of capital to parent — — (305,000 ) 305,000 — Net cash (used in) provided by financing activities (273,605 ) — 251,026 390,000 367,421 Effect of foreign currency rate changes on cash and cash equivalents — — (27,432 ) — (27,432 ) Net decrease in cash (19,009 ) (61 ) (149,685 ) — (168,755 ) Cash and cash equivalents, beginning of period 29,798 81 547,361 — 577,240 Cash and cash equivalents, end of period $ 10,789 $ 20 $ 397,676 $ — $ 408,485 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Cash Flows For The Nine Months Ended September 30, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Net cash provided by (used in) operating activities $ 12,557 $ — $ 236,294 $ (100,000 ) $ 148,851 Cash flows provided by (used in) investing activities Proceeds on sales of investments — — 3,585,728 — 3,585,728 Proceeds on maturities of investments — — 466,872 — 466,872 Purchases of fixed maturities — — (3,160,512 ) — (3,160,512 ) Purchases of short-term investments, net — — (933,148 ) — (933,148 ) Purchases of other investments, net — — (47,752 ) — (47,752 ) Increase in securities lending collateral — — (5,664 ) — (5,664 ) Redemption from operating affiliates — — 58,547 — 58,547 Increase in restricted cash — — (7,856 ) — (7,856 ) Proceeds on sale of subsidiary, net of cash — — 16,459 — 16,459 Return of capital from subsidiaries 373,966 — — (373,966 ) — Net cash provided by (used in) investing activities 373,966 — (27,326 ) (373,966 ) (27,326 ) Cash flows provided by (used in) financing activities Proceeds on issuance of notes payable to AlphaCat investors — — 645,243 — 645,243 Repayments on notes payable to AlphaCat investors — — (602,068 ) — (602,068 ) Redemption of common shares, net (3,689 ) — — — (3,689 ) Purchases of common shares under share repurchase program (286,526 ) — — — (286,526 ) Dividends paid (89,719 ) — (100,000 ) 100,000 (89,719 ) Increase in securities lending payable — — 5,664 — 5,664 Return of capital to parent — — (373,966 ) 373,966 — Third party investment in redeemable noncontrolling interest — — 61,200 — 61,200 Third party redemption of redeemable noncontrolling interest — — (10,496 ) — (10,496 ) Net cash (used in) provided by financing activities (379,934 ) — (374,423 ) 473,966 (280,391 ) Effect of foreign currency rate changes on cash and cash equivalents — — (11,293 ) — (11,293 ) Net increase (decrease) in cash 6,589 — (176,748 ) — (170,159 ) Cash and cash equivalents, beginning of period 20,385 — 713,763 — 734,148 Cash and cash equivalents, end of period $ 26,974 $ — $ 537,015 $ — $ 563,989 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.

Basis of preparation and cons42

Basis of preparation and consolidation (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2014USD ($)
Increase in net cash provided by investing activities
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reclassification adjustment	$ 42,440
Net increase in cash
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reclassification adjustment	$ 42,440

Investments (Gross unrealized g

Investments (Gross unrealized gains and losses on fixed maturities) (Details) - USD ($) $ in Thousands		Sep. 30, 2015		Dec. 31, 2014
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		$ 5,581,846		$ 5,534,494
Short-term investments, at amortized cost or cost		1,661,705	[1]	1,051,222	[2]
Other investments, at amortized cost or cost		864,651		879,176
Total investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest, amortized cost or cost		8,108,202		7,464,892
Catastrophe bonds, amortized cost or cost		(160,835)		(75,822)
Noncontrolling interest, amortized cost or cost	[3]	(491,204)		(502,830)
Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest, amortized cost or cost		6,091,471		6,189,316
Fixed maturities, gross unrealized gains		29,640		24,357
Short term investments, gross unrealized gains		49	[1]	13	[2]
Other investments, gross unrealized gains		55,619		69,881
Gross unrealized gains		85,308		94,251
Catastrophe bonds, gross unrealized gains		(908)		(768)
Noncontrolling interest share of unrealized gains other investments	[3]	(32,920)		(48,446)
Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest, unrealized gains		51,480		45,037
Fixed maturities, gross unrealized losses		(32,630)		(26,120)
Short term investments, gross unrealized losses		(67)	[1]	(161)	[2]
Other investments, gross unrealized losses		(102,896)		(136,046)
Gross unrealized losses		(135,593)		(162,327)
Catastrophe bonds, gross unrealized losses		1,767		926
Noncontrolling interest share of unrealized losses	[3]	89,688		120,782
Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest, unrealized losses		(44,138)		(40,619)
Total fixed maturities		5,578,856		5,532,731
Short-term investments		1,661,687	[1]	1,051,074	[2]
Total other investments		817,374		813,011
Total investments, including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		8,057,917		7,396,816
Assets held in trust on behalf of AlphaCat investors		(1,364,692)	[1]	(696,924)	[2]
Total catastrophe bonds		(159,976)		(75,664)
Noncontrolling interest	[3]	(434,436)		(430,494)
Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		6,098,813		6,193,734
U.S. government and government agency
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		868,750		759,232
Fixed maturities, gross unrealized gains		3,787		1,755
Fixed maturities, gross unrealized losses		(609)		(901)
Total fixed maturities		871,928		760,086
Non-U.S. government and government agency
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		224,288		279,493
Fixed maturities, gross unrealized gains		1,205		1,215
Fixed maturities, gross unrealized losses		(2,529)		(1,980)
Total fixed maturities		222,964		278,728
U.S. states, municipalities and political subdivisions
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		316,868		448,668
Fixed maturities, gross unrealized gains		3,097		1,780
Fixed maturities, gross unrealized losses		(439)		(825)
Total fixed maturities		319,526		449,623
Agency residential mortgage-backed securities
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		488,827		520,685
Fixed maturities, gross unrealized gains		9,503		9,697
Fixed maturities, gross unrealized losses		(1,060)		(1,151)
Total fixed maturities		497,270		529,231
Non-agency residential mortgage-backed securities
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		27,054		37,954
Fixed maturities, gross unrealized gains		400		369
Fixed maturities, gross unrealized losses		(400)		(516)
Total fixed maturities		27,054		37,807
U.S. corporate
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		1,530,344		1,500,963
Fixed maturities, gross unrealized gains		4,387		3,960
Fixed maturities, gross unrealized losses		(8,837)		(5,217)
Total fixed maturities		1,525,894		1,499,706
Non-U.S. corporate
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		472,736		564,386
Fixed maturities, gross unrealized gains		1,628		2,765
Fixed maturities, gross unrealized losses		(6,544)		(3,989)
Total fixed maturities		467,820		563,162
Bank loans
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		517,129		457,537
Fixed maturities, gross unrealized gains		642		200
Fixed maturities, gross unrealized losses		(8,298)		(8,733)
Total fixed maturities		509,473		449,004
Catastrophe bonds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		160,835		75,822
Fixed maturities, gross unrealized gains		908		768
Fixed maturities, gross unrealized losses		(1,767)		(926)
Total fixed maturities		159,976		75,664
Asset-backed securities
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		624,444		647,422
Fixed maturities, gross unrealized gains		2,038		1,250
Fixed maturities, gross unrealized losses		(1,234)		(1,190)
Total fixed maturities		625,248		647,482
Commercial mortgage-backed securities
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		350,571		242,332
Fixed maturities, gross unrealized gains		2,045		598
Fixed maturities, gross unrealized losses		(913)		(692)
Total fixed maturities		351,703		242,238
Fund of hedge funds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost		2,378		2,570
Other investments, gross unrealized gains		0		125
Other investments, gross unrealized losses		(938)		(920)
Total other investments		1,440		1,775
Preferred stock
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost				6,535
Other investments, gross unrealized gains				0
Other investments, gross unrealized losses				(201)
Total other investments				6,334
Hedge funds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost	[3]	559,737		570,371
Other investments, gross unrealized gains	[3]	43,541		60,792
Other investments, gross unrealized losses	[3]	(99,653)		(134,203)
Total other investments	[3]	503,625		496,960
Private equity investments
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost		51,037		48,995
Other investments, gross unrealized gains		8,891		4,987
Other investments, gross unrealized losses		(2,305)		(611)
Total other investments		57,623		53,371
Investment funds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost		247,104		244,506
Other investments, gross unrealized gains		577		437
Other investments, gross unrealized losses		0		(111)
Total other investments		247,681		244,832
Mutual funds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost		4,395		6,199
Other investments, gross unrealized gains		2,610		3,540
Other investments, gross unrealized losses		0		0
Total other investments		$ 7,005		$ 9,739
[1]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions.
[2]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest.
[3]	Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.

Investments (Fixed maturities b

Investments (Fixed maturities by investment rating) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fixed Maturities
Estimated fair value	$ 5,578,856	$ 5,532,731
Percentage of total	100.00%	100.00%
Total investment grade fixed maturities
Fixed Maturities
Estimated fair value	$ 4,804,474	$ 4,933,764
Percentage of total	86.10%	89.20%
Total investment grade fixed maturities | AAA
Fixed Maturities
Estimated fair value	$ 2,454,181	$ 2,494,239
Percentage of total	44.00%	45.10%
Total investment grade fixed maturities | AA
Fixed Maturities
Estimated fair value	$ 530,473	$ 848,226
Percentage of total	9.50%	15.40%
Total investment grade fixed maturities | A
Fixed Maturities
Estimated fair value	$ 1,145,331	$ 1,086,091
Percentage of total	20.50%	19.60%
Total investment grade fixed maturities | BBB
Fixed Maturities
Estimated fair value	$ 674,489	$ 505,208
Percentage of total	12.10%	9.10%
Total non-investment grade fixed maturities
Fixed Maturities
Estimated fair value	$ 774,382	$ 598,967
Percentage of total	13.90%	10.80%
Total non-investment grade fixed maturities | BB
Fixed Maturities
Estimated fair value	$ 316,602	$ 362,972
Percentage of total	5.70%	6.60%
Total non-investment grade fixed maturities | B
Fixed Maturities
Estimated fair value	$ 216,544	$ 145,240
Percentage of total	4.00%	2.60%
Total non-investment grade fixed maturities | CCC
Fixed Maturities
Estimated fair value	$ 4,374	$ 12,733
Percentage of total	0.00%	0.20%
Total non-investment grade fixed maturities | CC
Fixed Maturities
Estimated fair value	$ 1,002	$ 3,926
Percentage of total	0.00%	0.10%
Total non-investment grade fixed maturities | C
Fixed Maturities
Estimated fair value	$ 0	$ 1,344
Percentage of total	0.00%	0.00%
Total non-investment grade fixed maturities | D/NR Rating
Fixed Maturities
Estimated fair value	$ 235,860	$ 72,752
Percentage of total	4.20%	1.30%

Investments (Maturity profile o

Investments (Maturity profile of fixed maturity investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Maturity profile
Amortized cost or cost	$ 5,581,846	$ 5,534,494
Estimated fair value	5,578,856	5,532,731
Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	4,090,950	4,086,101
Estimated fair value	4,077,581	4,075,973
Due in one year or less | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	342,554	312,843
Estimated fair value	343,201	313,248
Due after one year through five years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	2,996,003	3,163,225
Estimated fair value	2,991,774	3,159,200
Due after five years through ten years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	566,908	497,175
Estimated fair value	560,971	491,870
Due after ten years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	185,485	112,858
Estimated fair value	181,635	111,655
Asset backed and mortgaged backed securities | No single maturity date
Maturity profile
Amortized cost or cost	1,490,896	1,448,393
Estimated fair value	$ 1,501,275	$ 1,456,758

Investments (Components of net

Investments (Components of net investment income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net investment income
Total gross investment income	$ 33,580	$ 27,005	$ 102,079	$ 75,466
Investment expenses	(2,056)	(1,744)	(5,926)	(5,557)
Net investment income	31,524	25,261	96,153	69,909
Fixed maturities and short term investments
Net investment income
Total gross investment income	28,117	22,544	88,519	68,048
Other investments
Net investment income
Total gross investment income	5,086	2,879	12,288	2,879
Restricted cash and cash and cash equivalents
Net investment income
Total gross investment income	373	1,581	1,259	4,534
Securities lending income
Net investment income
Total gross investment income	$ 4	$ 1	$ 13	$ 5

Investments (Realized and unrea

Investments (Realized and unrealized gains) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fixed maturities, short-term and other investments and cash equivalents
Gross realized gains		$ 1,872	$ 8,075	$ 14,450	$ 23,184
Gross realized (losses)		(43,778)	(3,480)	(49,943)	(6,991)
Net realized gains (losses) on investments		(41,906)	4,595	(35,493)	16,193
Change in net unrealized (losses) gains on investments	[1]	(34,908)	(84,974)	19,766	16,146
Total net realized gains (losses) and change in net unrealized (losses) gains on investments including noncontrolling interest		(76,814)	(80,379)	(15,727)	32,339
Assets managed on behalf of AlphaCat investors		0	0	0	0
Catastrophe bonds		(2,208)	(201)	701	1,787
Noncontrolling interest	[1]	71,589	52,595	21,078	(22,613)
Total net realized and change in net unrealized (losses) gains on investments excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		$ (7,433)	$ (27,985)	$ 6,052	$ 11,513
[1]	Includes the net realized (losses) gains and change in net unrealized (losses) gains on investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and is included in the Consolidated Statements of Comprehensive Income as net loss (income) attributable to noncontrolling interest.

Investments (Investments pledge

Investments (Investments pledged as collateral) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		$ 1,265,000	$ 1,605,000
Letters of credit issued and outstanding	[1]	525,905	561,684
Investments pledged as collateral		875,504	1,022,740
$400,000 syndicated unsecured letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		400,000	400,000
Letters of credit issued and outstanding		0	0
Investments pledged as collateral		0	0
$525,000 syndicated secured letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		525,000	525,000
Letters of credit issued and outstanding	[1]	244,358	276,455
Investments pledged as collateral		385,279	395,750
Secured bi-lateral letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		30,000	200,000
Letters of credit issued and outstanding	[1]	10,172	15,649
Investments pledged as collateral		47,471	35,645
Talbot FAL Facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		25,000	25,000
Letters of credit issued and outstanding	[1]	25,000	25,000
Investments pledged as collateral		31,318	31,048
PaCRe senior secured letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment			10,000
Letters of credit issued and outstanding	[1]	0	294
Investments pledged as collateral			0
AlphaCat Re secured letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		30,000	30,000	$ 24,800
Letters of credit issued and outstanding	[1]	30,000	30,000
Investments pledged as collateral		30,134	30,078
IPC bi-lateral facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		25,000	40,000
Letters of credit issued and outstanding	[1]	10,782	15,897
Investments pledged as collateral		0	99,437
Flagstone bi-lateral facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		230,000	375,000
Letters of credit issued and outstanding	[1]	205,593	198,389
Investments pledged as collateral		$ 381,302	$ 430,782
[1]	Indicates utilization of commitment amount, not necessarily drawn borrowings.

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Thousands	Sep. 30, 2015USD ($)funds	Dec. 31, 2014USD ($)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cash, cash equivalents and investments pledged as collateral | $	$ 3,856,717	$ 3,150,295
Investments held in trust | $	$ 3,809,087	$ 3,122,074
AlphaCat ILS Funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Investments Number Of Funds	1
PaCRe funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Investments Number Of Funds	5
Noncontrolling Interest, Ownership Percentage by Parent	10.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	90.00%

Fair value measurements (Fair v

Fair value measurements (Fair value hierarchy) (Details) - USD ($) $ in Thousands		Sep. 30, 2015		Dec. 31, 2014		Sep. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		$ 5,578,856		$ 5,532,731
Short-term investments, at fair value		1,661,687	[1]	1,051,074	[2]
Other investments, at fair value		817,374		813,011
Total investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		8,057,917		7,396,816
Assets held in trust on behalf of AlphaCat investors		(1,364,692)	[1]	(696,924)	[2]
Catastrophe bonds		(159,976)		(75,664)
Noncontrolling interest	[3]	(434,436)		(430,494)
Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		6,098,813		6,193,734
U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		871,928		760,086
Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		222,964		278,728
U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		319,526		449,623
Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		497,270		529,231
Non-Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		27,054		37,807
U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		1,525,894		1,499,706
Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		467,820		563,162
Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		509,473		449,004
Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		159,976		75,664
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		625,248		647,482
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		351,703		242,238
Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		1,440		1,775
Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value				6,334
Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	[3]	503,625		496,960
Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		57,623		53,371
Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		247,681		244,832
Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		7,005		9,739
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		5,578,856		5,532,731
Short-term investments, at fair value		1,661,687	[1]	1,051,074	[2]
Other investments, at fair value		817,374		813,011
Total investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		8,057,917		7,396,816
Assets held in trust on behalf of AlphaCat investors		(1,364,692)	[1]	(696,924)	[2]
Catastrophe bonds		(159,976)		(75,664)
Noncontrolling interest	[3]	(434,436)		(430,494)
Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		6,098,813		6,193,734
Recurring | U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		871,928		760,086
Recurring | Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		222,964		278,728
Recurring | U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		319,526		449,623
Recurring | Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		497,270		529,231
Recurring | Non-Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		27,054		37,807
Recurring | U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		1,525,894		1,499,706
Recurring | Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		467,820		563,162
Recurring | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		509,473		449,004
Recurring | Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		159,976		75,664
Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		625,248		647,482
Recurring | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		351,703		242,238
Recurring | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		1,440		1,775
Recurring | Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value				6,334
Recurring | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		503,625		496,960	[3]
Recurring | Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		57,623		53,371
Recurring | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		247,681		244,832
Recurring | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		7,005		9,739
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Short-term investments, at fair value		1,652,981	[1]	942,716	[2]
Other investments, at fair value		0		0
Total investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		1,652,981		942,716
Assets held in trust on behalf of AlphaCat investors		(1,364,692)	[1]	(696,924)	[2]
Catastrophe bonds		0		0
Noncontrolling interest	[3]	0		0
Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		288,289		245,792
Recurring | Level 1 | U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Non-Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0
Recurring | Level 1 | Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value				0
Recurring | Level 1 | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0	[3]
Recurring | Level 1 | Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0
Recurring | Level 1 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0
Recurring | Level 1 | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		5,416,020		5,494,983
Short-term investments, at fair value		8,706	[1]	108,358	[2]
Other investments, at fair value		87,475		156,118
Total investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		5,512,201		5,759,459
Assets held in trust on behalf of AlphaCat investors		0	[1]	0	[2]
Catastrophe bonds		(158,976)		(70,664)
Noncontrolling interest	[3]	0		0
Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		5,353,225		5,688,795
Recurring | Level 2 | U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		871,928		760,086
Recurring | Level 2 | Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		222,964		278,728
Recurring | Level 2 | U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		319,526		449,623
Recurring | Level 2 | Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		497,270		529,231
Recurring | Level 2 | Non-Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		27,054		37,807
Recurring | Level 2 | U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		1,525,894		1,499,706
Recurring | Level 2 | Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		467,820		563,162
Recurring | Level 2 | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		347,637		416,256
Recurring | Level 2 | Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		158,976		70,664
Recurring | Level 2 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		625,248		647,482
Recurring | Level 2 | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		351,703		242,238
Recurring | Level 2 | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0
Recurring | Level 2 | Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value				6,334
Recurring | Level 2 | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0	[3]
Recurring | Level 2 | Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0
Recurring | Level 2 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		80,470		140,045
Recurring | Level 2 | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		7,005		9,739
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		162,836		37,748
Short-term investments, at fair value		0	[1]	0	[2]
Other investments, at fair value		729,899		656,893
Total investments including assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		892,735		694,641
Assets held in trust on behalf of AlphaCat investors		0	[1]	0	[2]
Catastrophe bonds		(1,000)		(5,000)		$ 0
Noncontrolling interest		(434,436)	[3],[4]	(430,494)	[3]	$ (495,365)	[4]
Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		457,299		259,147
Recurring | Level 3 | U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | Non-Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		161,836		32,748
Recurring | Level 3 | Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		1,000		5,000
Recurring | Level 3 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		1,440		1,775
Recurring | Level 3 | Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value				0
Recurring | Level 3 | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		503,625		496,960	[3]
Recurring | Level 3 | Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		57,623		53,371
Recurring | Level 3 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		167,211		104,787
Recurring | Level 3 | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		$ 0		$ 0
[1]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions.
[2]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest.
[3]	Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.
[4]	Includes Level 3 investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.

Fair value measurements (Level

Fair value measurements (Level 3 rollforward) (Details) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015		Sep. 30, 2014		Dec. 31, 2014
Reconciliation of beginning and ending balances for all investments measured at fair value on recurring basis
Catastrophe bonds		$ (159,976)				$ (159,976)				$ (75,664)
Noncontrolling interest	[1]	(434,436)				(434,436)				(430,494)
Recurring
Reconciliation of beginning and ending balances for all investments measured at fair value on recurring basis
Catastrophe bonds		(159,976)				(159,976)				(75,664)
Noncontrolling interest	[1]	(434,436)				(434,436)				(430,494)
Level 3 | Recurring
Reconciliation of beginning and ending balances for all investments measured at fair value on recurring basis
Level 3 investments - beginning of period		931,649		$ 746,396		694,641		$ 576,871
Purchases		127,350		25,784		326,949		125,784
Sales		(73,105)		(24,175)		(86,143)		(49,508)
Settlements		(13,815)		0		(22,013)		(1,500)
Realized gains		(40,721)		2,554		(40,732)		8,198
Unrealized losses		(38,623)		(57,776)		20,033		26,235
Transfers		0		0		0		6,703
Level 3 investments - end of period		892,735		692,783		892,735		692,783
Catastrophe bonds		(1,000)		0		(1,000)		0		(5,000)
Noncontrolling interest		(434,436)	[1],[2]	(495,365)	[2]	(434,436)	[1],[2]	(495,365)	[2]	$ (430,494)	[1]
Level 3 investments - end of period excluding catastrophe bonds and noncontrolling interest		$ 457,299		$ 197,418		$ 457,299		$ 197,418
[1]	Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.
[2]	Includes Level 3 investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.

Fair value measurements (Narrat

Fair value measurements (Narrative) (Details) $ in Thousands		9 Months Ended
		Sep. 30, 2015USD ($)funds	Dec. 31, 2014USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		$ 6,098,813	$ 6,193,734
Other investments, at fair value		$ 817,374	813,011
AlphaCat ILS Funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other Investments Number Of Funds | funds		1
Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		$ 7,005	9,739
Hedge fund side pocket
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting		1 month
Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	[1]	$ 503,625	496,960
Investments assumed in Flagstone acquisition
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other Investments Number Of Funds | funds		1
PaCRe funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		10.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		90.00%
Other Investments Number Of Funds | funds		5
Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		$ 247,681	244,832
Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		$ 57,623	53,371
Minimum | Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting		1 month
Minimum | Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting		3 months
Maximum | Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting		3 months
Maximum | Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting		6 months
Level 2 | Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other Investments Number Of Funds | funds		2
Level 2 | Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other Investments Number Of Funds | funds		1
Level 3 | Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting		1 month
Other Investments Number Of Funds | funds		1
Recurring
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		$ 6,098,813	6,193,734
Other investments, at fair value		817,374	813,011
Recurring | Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		7,005	9,739
Recurring | Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		503,625	496,960	[1]
Recurring | Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		247,681	244,832
Recurring | Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		57,623	53,371
Recurring | Level 2
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		5,353,225	5,688,795
Other investments, at fair value		87,475	156,118
Recurring | Level 2 | Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		7,005	9,739
Recurring | Level 2 | Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		0	0	[1]
Recurring | Level 2 | Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		80,470	140,045
Recurring | Level 2 | Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		0	0
Recurring | Level 3
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments, excluding assets managed on behalf of AlphaCat investors, catastrophe bonds and noncontrolling interest		$ 457,299	$ 259,147
Percentage Of Fair Value Assets Measured On Recurring Basis		7.50%	4.20%
Other investments, at fair value		$ 729,899	$ 656,893
Recurring | Level 3 | Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		0	0
Recurring | Level 3 | Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		503,625	496,960	[1]
Recurring | Level 3 | Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		167,211	104,787
Recurring | Level 3 | Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		$ 57,623	$ 53,371
[1]	Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.

Investments in affiliates (Summ

Investments in affiliates (Summary of investments in affiliates) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 347,962	$ 261,483
Investment affiliate
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	88,134	63,506
Operating affiliates
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 259,828	$ 197,977

Investments in affiliates (Inve

Investments in affiliates (Investment affiliate rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]
Income from investment affiliate	$ 2,482	$ 1,754	$ 5,542	$ 7,881
Investment affiliate
Schedule of Equity Method Investments [Line Items]
Balance, beginning of period	89,681	40,627	63,506	34,500
Net capital contributions (distributions)	(4,029)	0	19,086	0
Income from investment affiliate	2,482	1,754	5,542	7,881
Balance, end of period	$ 88,134	$ 42,381	$ 88,134	$ 42,381

Investments in affiliates (In55

Investments in affiliates (Investment affiliate details) (Details) - Investment affiliate - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Investment at cost	$ 68,988
Carrying value	88,134	$ 89,681	$ 63,506	$ 42,381	$ 40,627	$ 34,500
Aquiline Financial Services Fund II LP
Schedule of Equity Method Investments [Line Items]
Investment at cost	$ 55,098		$ 51,001
Voting ownership %	0.00%		0.00%
Equity ownership %	8.10%		8.10%
Carrying value	$ 74,341		$ 63,506
Aquiline Financial Services Fund III LP
Schedule of Equity Method Investments [Line Items]
Investment at cost	$ 13,890
Voting ownership %	0.00%
Equity ownership %	13.70%
Carrying value	$ 13,793

Investments in affiliates (Oper

Investments in affiliates (Operating affiliates rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Activity in non-consolidated affiliate balances for the period:
Income from operating affiliates	$ 5,526		$ 3,761	$ 12,083		$ 13,580
Operating affiliates
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	284,440		172,992	197,977		106,743
Purchase of shares				10,400
Gain on redemption of shares	(6,761)			(6,761)
Return of investment	(23,377)		(1,522)	(50,641)		(58,547)
Fair value of retained interest on deconsolidation of AlphaCat ILS fund				96,770		113,455
Income from operating affiliates	5,526		3,761	12,083		13,580
Balance, end of period	259,828		175,231	259,828		175,231
Operating affiliates | AlphaCat Re 2011
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	4,601		4,172	4,606		9,809
Purchase of shares				0
Gain on redemption of shares	0			0
Return of investment	0		0	0		(5,825)
Income from operating affiliates	396		(5)	391		183
Balance, end of period	4,997		4,167	4,997		4,167
Operating affiliates | AlphaCat Re 2012
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	707		2,204	735		1,313
Purchase of shares				0
Gain on redemption of shares	0			0
Return of investment	0		(1,516)	0		(1,516)
Income from operating affiliates	(8)		(9)	(36)		882
Balance, end of period	699		679	699		679
Operating affiliates | AlphaCat 2013
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	1,043		2,580	1,068		51,744
Purchase of shares				0
Gain on redemption of shares	0			0
Return of investment	0		(6)	0		(51,206)
Income from operating affiliates	(8)		7	(33)		2,043
Balance, end of period	1,035		2,581	1,035		2,581
Operating affiliates | AlphaCat 2014
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	723		25,014	28,085		21,982
Purchase of shares				0
Gain on redemption of shares	0			0
Return of investment	0		0	(27,264)		0
Income from operating affiliates	(12)		1,367	(110)		4,399
Balance, end of period	711		26,381	711		26,381
Operating affiliates | AlphaCat 2015
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	30,598			25,600
Purchase of shares				2,400
Gain on redemption of shares	0			0
Return of investment	0			0
Income from operating affiliates	1,077			3,675
Balance, end of period	31,675			31,675
Operating affiliates | AlphaCat ILS Funds
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	246,768		139,022	137,883	[1]	21,895
Purchase of shares				8,000
Gain on redemption of shares	(6,761)			(6,761)
Return of investment	(23,377)		0	(23,377)		0
Fair value of retained interest on deconsolidation of AlphaCat ILS fund				96,770		113,455
Income from operating affiliates	4,081		2,401	8,196		6,073
Balance, end of period	$ 220,711	[2]	$ 141,423	$ 220,711	[2]	$ 141,423
[1]	Equity ownership in the funds was 7.9%, 39.7% and 9.1% as at December 31, 2014
[2]	Equity ownership in the funds was 7.6%, 19.4%, 9.1% and 32.5% as at September 30, 2015.

Investments in affiliates (Op57

Investments in affiliates (Operating affiliates details) (Details) - Operating affiliates - USD ($) $ in Thousands	Sep. 30, 2015		Jun. 30, 2015	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Investment:
Investment at cost	$ 249,926			$ 187,100
Carrying value	259,828		$ 284,440	197,977		$ 175,231	$ 172,992	$ 106,743
AlphaCat Re 2011
Investment:
Investment at cost	$ 4,997			$ 4,606
Voting ownership %	43.70%			43.70%
Equity ownership %	22.30%			22.30%
Carrying value	$ 4,997		4,601	$ 4,606		4,167	4,172	9,809
AlphaCat Re 2012
Investment:
Investment at cost	$ 699			$ 735
Voting ownership %	49.00%			49.00%
Equity ownership %	37.90%			37.90%
Carrying value	$ 699		707	$ 735		679	2,204	1,313
AlphaCat 2,013
Investment:
Investment at cost	$ 1,035			$ 1,068
Voting ownership %	40.90%			40.90%
Equity ownership %	19.70%			19.70%
Carrying value	$ 1,035		1,043	$ 1,068		2,581	2,580	51,744
AlphaCat 2,014
Investment:
Investment at cost	$ 711			$ 22,000
Voting ownership %	42.30%			42.30%
Equity ownership %	19.60%			19.60%
Carrying value	$ 711		723	$ 28,085		26,381	25,014	21,982
AlphaCat 2,015
Investment:
Investment at cost	$ 28,000			$ 25,600
Voting ownership %	40.00%			40.00%
Equity ownership %	20.00%			20.00%
Carrying value	$ 31,675		30,598	$ 25,600
AlphaCat ILS Funds
Investment:
Investment at cost	214,484	[1]		133,091	[2]
Carrying value	$ 220,711	[1]	$ 246,768	$ 137,883	[2]	$ 141,423	$ 139,022	$ 21,895
[1]	Equity ownership in the funds was 7.6%, 19.4%, 9.1% and 32.5% as at September 30, 2015.
[2]	Equity ownership in the funds was 7.9%, 39.7% and 9.1% as at December 31, 2014

Investments in affiliates (Note

Investments in affiliates (Notes payable to AlphaCat investors) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]
Notes payable to AlphaCat investors, beginning of period			$ 671,465
Notes payable to AlphaCat investors, end of period	$ 1,443,198		1,443,198
Variable interest entity, not primary beneficiary
Schedule of Equity Method Investments [Line Items]
Notes payable to AlphaCat investors, beginning of period	1,381,313	$ 622,950	671,465	$ 439,272
Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund			179,316	178,837
Issuance of notes payable to AlphaCat investors	152,505	53,498	1,307,789	645,243
Redemption of notes payable to AlphaCat investors	(87,615)	(13,990)	(709,059)	(602,068)
Foreign exchange (gain) loss	(3,005)	(6,482)	(6,313)	(5,308)
Notes payable to AlphaCat investors, end of period	1,443,198	655,976	1,443,198	655,976
Variable interest entity, not primary beneficiary | AlphaCat 2013
Schedule of Equity Method Investments [Line Items]
Notes payable to AlphaCat investors, beginning of period				223,809
Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund				0
Issuance of notes payable to AlphaCat investors				0
Redemption of notes payable to AlphaCat investors				(223,512)
Foreign exchange (gain) loss				(297)
Notes payable to AlphaCat investors, end of period		0		0
Variable interest entity, not primary beneficiary | AlphaCat 2014
Schedule of Equity Method Investments [Line Items]
Notes payable to AlphaCat investors, beginning of period	0	157,992	157,384	0
Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund			0	0
Issuance of notes payable to AlphaCat investors	0	0	0	157,914
Redemption of notes payable to AlphaCat investors	0	0	(157,074)	0
Foreign exchange (gain) loss	0	(410)	(310)	(332)
Notes payable to AlphaCat investors, end of period	0	157,582	0	157,582
Variable interest entity, not primary beneficiary | AlphaCat 2015
Schedule of Equity Method Investments [Line Items]
Notes payable to AlphaCat investors, beginning of period	145,985		0
Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund			0
Issuance of notes payable to AlphaCat investors	8,491		154,358
Redemption of notes payable to AlphaCat investors	0		0
Foreign exchange (gain) loss	(143)		(25)
Notes payable to AlphaCat investors, end of period	154,333		154,333
Variable interest entity, not primary beneficiary | AlphaCat ILS Funds
Schedule of Equity Method Investments [Line Items]
Notes payable to AlphaCat investors, beginning of period	1,235,328	464,958	514,081	215,463
Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund			179,316	178,837
Issuance of notes payable to AlphaCat investors	68,244	53,498	1,077,661	487,329
Redemption of notes payable to AlphaCat investors	(87,615)	(13,990)	(551,985)	(378,556)
Foreign exchange (gain) loss	(2,698)	(6,072)	(5,814)	(4,679)
Notes payable to AlphaCat investors, end of period	1,213,259	$ 498,394	1,213,259	$ 498,394
Variable interest entity, not primary beneficiary | AlphaCat direct
Schedule of Equity Method Investments [Line Items]
Notes payable to AlphaCat investors, beginning of period	0		0
Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund			0
Issuance of notes payable to AlphaCat investors	75,770		75,770
Redemption of notes payable to AlphaCat investors	0		0
Foreign exchange (gain) loss	(164)		(164)
Notes payable to AlphaCat investors, end of period	$ 75,606		$ 75,606

Investments in affiliates (Inco

Investments in affiliates (Income attributable to operating affiliates) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]
(Income) attributable to AlphaCat investors	$ (40,256)	$ (25,807)	$ (94,341)	$ (82,833)
Variable interest entity, not primary beneficiary | AlphaCat 2013
Schedule of Equity Method Investments [Line Items]
(Income) attributable to AlphaCat investors	0	(98)	0	(14,218)
Variable interest entity, not primary beneficiary | AlphaCat 2014
Schedule of Equity Method Investments [Line Items]
(Income) attributable to AlphaCat investors	0	(11,309)	(255)	(32,990)
Variable interest entity, not primary beneficiary | AlphaCat 2015
Schedule of Equity Method Investments [Line Items]
(Income) attributable to AlphaCat investors	(8,862)	0	(27,446)	0
Variable interest entity, not primary beneficiary | AlphaCat ILS Funds
Schedule of Equity Method Investments [Line Items]
(Income) attributable to AlphaCat investors	(29,956)	(14,400)	(65,202)	(35,625)
Variable interest entity, not primary beneficiary | AlphaCat direct
Schedule of Equity Method Investments [Line Items]
(Income) attributable to AlphaCat investors	$ (1,438)	$ 0	$ (1,438)	$ 0

Investments in affiliates (Narr

Investments in affiliates (Narrative) (Details) $ in Thousands	Dec. 29, 2014USD ($)	Nov. 07, 2014USD ($)	Oct. 02, 2014USD ($)	Dec. 20, 2011USD ($)	Sep. 30, 2015USD ($)funds	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)funds	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)funds
Schedule of Equity Method Investments [Line Items]
Variable Funding Notes, Typical Minimum Duration							12 months
Aquiline Financial Services Fund II LP
Schedule of Equity Method Investments [Line Items]
Percentage of Assignor's interest assumed				100.00%
Total capital commitment			$ 10,000	$ 50,000
Investment Time Lag Reporting							3 months
Aquiline Financial Services Fund III LP
Schedule of Equity Method Investments [Line Items]
Total capital commitment		$ 100,000
Investment Time Lag Reporting							3 months
AlphaCat ILS Funds
Schedule of Equity Method Investments [Line Items]
Total capital commitment	$ 20,000
Operating affiliates
Schedule of Equity Method Investments [Line Items]
Fair value of retained interest on deconsolidation of AlphaCat ILS fund							$ 96,770	$ 113,455
Notes Payable Of AlphaCat Investors Portion Due to Company					$ 234,751		234,751		$ 148,264
Income Attributable To AlphaCat Investors Portion Due to Company					6,623	$ 4,993	15,031	16,552
Operating affiliates | AlphaCat ILS Funds
Schedule of Equity Method Investments [Line Items]
Fair value of retained interest on deconsolidation of AlphaCat ILS fund							96,770	113,455
Deconsolidation, Gain (Loss), Amount							(1,777)	1,372
As investor in third party economic interests
Schedule of Equity Method Investments [Line Items]
Notes Payable Of AlphaCat Investors Portion Due to Company					1,208,447		1,208,447		$ 523,201
Income Attributable To AlphaCat Investors Portion Due to Company					33,633	$ 20,814	79,310	$ 66,281
Variable Interest Entity, Primary Beneficiary [Member] | AlphaCat ILS Funds
Schedule of Equity Method Investments [Line Items]
Number of Consolidated Funds | funds										2
Third party subscriptions					$ 40,000		$ 40,000			$ 35,000
Variable Interest Entity, Primary Beneficiary [Member] | BetaCat ILS Funds
Schedule of Equity Method Investments [Line Items]
Number of Consolidated Funds | funds					1		1
Variable Interest Entity, Primary Beneficiary [Member] | Operating affiliates | Fund A
Schedule of Equity Method Investments [Line Items]
Equity ownership %					7.60%		7.60%		7.90%
Variable Interest Entity, Primary Beneficiary [Member] | Operating affiliates | Fund B
Schedule of Equity Method Investments [Line Items]
Equity ownership %					19.40%		19.40%		39.70%
Variable Interest Entity, Primary Beneficiary [Member] | Operating affiliates | Fund C
Schedule of Equity Method Investments [Line Items]
Equity ownership %					9.10%		9.10%		9.10%
Variable Interest Entity, Primary Beneficiary [Member] | Operating affiliates | Fund D
Schedule of Equity Method Investments [Line Items]
Equity ownership %					32.50%		32.50%

Noncontrolling interest (Detail

Noncontrolling interest (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)funds	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)funds	Sep. 30, 2014USD ($)
Redeemable noncontrolling interest and noncontrolling interest, rollforward:
Redeemable noncontrolling interest and noncontrolling interest, beginning of period	$ 510,090	$ 641,629	$ 538,551	$ 584,169
Issuance of shares		4,200	55,700	61,200
Income (loss) attributable to noncontrolling interest	(71,663)	(53,069)	(15,042)	25,745
Adjustment to noncontrolling interest as a result of deconsolidation			(121,387)	(78,354)
Redemption of shares			(19,395)
Redeemable noncontrolling interest and noncontrolling interest, end of period	$ 438,427	592,760	$ 438,427	592,760
PaCRe funds
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	10.00%		10.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	90.00%		90.00%
Other Investments Number Of Funds | funds	5		5
AlphaCat ILS Funds
Noncontrolling Interest [Line Items]
Other Investments Number Of Funds | funds	1		1
Redeemable noncontrolling interest
Redeemable noncontrolling interest and noncontrolling interest, rollforward:
Redeemable noncontrolling interest and noncontrolling interest, beginning of period	$ 0	66,282	$ 79,956	86,512
Issuance of shares		4,200	55,700	61,200
Income (loss) attributable to noncontrolling interest	0	(9)	5,126	1,115
Adjustment to noncontrolling interest as a result of deconsolidation			(121,387)	(78,354)
Redemption of shares			(19,395)
Redeemable noncontrolling interest and noncontrolling interest, end of period	0	70,473	0	70,473
Noncontrolling interest
Redeemable noncontrolling interest and noncontrolling interest, rollforward:
Redeemable noncontrolling interest and noncontrolling interest, beginning of period	510,090	575,347	458,595	497,657
Issuance of shares		0	0	0
Income (loss) attributable to noncontrolling interest	(71,663)	(53,060)	(20,168)	24,630
Adjustment to noncontrolling interest as a result of deconsolidation			0	0
Redemption of shares			0
Redeemable noncontrolling interest and noncontrolling interest, end of period	$ 438,427	$ 522,287	$ 438,427	$ 522,287

Derivative instruments (Amount

Derivative instruments (Amount and balance sheet location) (Details) $ in Thousands		Sep. 30, 2015USD ($)derivatives	Dec. 31, 2014USD ($)
Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative, Number of Instruments Held | derivatives		1
Not designated as hedging instruments | Foreign exchange contracts
Summary of amount of derivatives designated as hedging instruments
Net Notional Exposure		$ 23,346	$ 26,755
Not designated as hedging instruments | Foreign exchange contracts | Other assets
Summary of amount of derivatives designated as hedging instruments
Asset Derivative at Fair Value	[1]	174	1,685
Not designated as hedging instruments | Foreign exchange contracts | Accounts payable and accrued expenses
Summary of amount of derivatives designated as hedging instruments
Liability Derivative at Fair Value	[1]	0	0
Designated as hedging instruments | Foreign exchange contracts
Summary of amount of derivatives designated as hedging instruments
Net Notional Exposure		188,691	189,026
Designated as hedging instruments | Foreign exchange contracts | Other assets
Summary of amount of derivatives designated as hedging instruments
Asset Derivative at Fair Value	[2]	1,390	401
Designated as hedging instruments | Foreign exchange contracts | Accounts payable and accrued expenses
Summary of amount of derivatives designated as hedging instruments
Liability Derivative at Fair Value	[2]	4,918	3,136
Designated as hedging instruments | Interest rate swap contracts
Summary of amount of derivatives designated as hedging instruments
Net Notional Exposure		552,263	552,263
Designated as hedging instruments | Interest rate swap contracts | Other assets
Summary of amount of derivatives designated as hedging instruments
Asset Derivative at Fair Value	[2]	21	25
Designated as hedging instruments | Interest rate swap contracts | Accounts payable and accrued expenses
Summary of amount of derivatives designated as hedging instruments
Liability Derivative at Fair Value	[2]	$ 1,444	$ 1,169
Junior Subordinated Deferrable Debentures | Interest rate swap contracts
Derivatives, Fair Value [Line Items]
Derivative, Number of Instruments Held | derivatives		2
Flagstone Junior Subordinated Deferrable Debentures | Interest rate swap contracts
Derivatives, Fair Value [Line Items]
Derivative, Number of Instruments Held | derivatives		3
Flagstone Junior Subordinated Deferrable Debentures | Cross-currency interest rate swap
Derivatives, Fair Value [Line Items]
Derivative, Number of Instruments Held | derivatives		1
[1]	Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses respectively on the Consolidated Balance Sheets. The net impact on earnings during the three and nine months ended September 30, 2015, recognized in income within other income, relating to the foreign currency forward contract that was not designated as a hedging instrument was ($184) and ($311), respectively (2014: $nil and $nil).
[2]	Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses, respectively on the Consolidated Balance Sheets.

Derivative instruments (Amoun63

Derivative instruments (Amount included in statement of operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Not designated as hedging instruments | Foreign exchange contracts | Other income
Derivatives designated as fair value hedges and related hedged item
Amount of gain (loss) recognized in income on derivative	$ (184)	$ 0	$ (311)	$ 0
Designated as hedging instruments | Fair value hedge | Foreign exchange contracts | Foreign exchange gains (losses)
Derivatives designated as fair value hedges and related hedged item
Amount of gain (loss) recognized in income on derivative	(4,175)	(14,817)	(21,965)	(9,979)
Amount of (loss) gain on hedged item recognized in income attributable to risk being hedged	4,175	14,817	21,965	9,979
Amount of gain (loss) recognized in income on derivative (ineffective portion)	0	0	0	0
Designated as hedging instruments | Cash flow hedge | Interest rate swap contracts
Derivative instruments designated as a cash flow hedge
Amount of ineffective portion excluded from effectiveness testing	75	0	(336)	0
Designated as hedging instruments | Cash flow hedge | Interest rate swap contracts | Other comprehensive income
Derivative instruments designated as a cash flow hedge
Amount of effective portion recognized in other comprehensive income	3,178	3,302	10,064	9,762
Designated as hedging instruments | Cash flow hedge | Interest rate swap contracts | Finance expenses
Derivative instruments designated as a cash flow hedge
Amount of effective portion subsequently reclassified to earnings	$ (3,253)	$ (3,302)	$ (9,728)	$ (9,762)

Reserve for losses and loss e64

Reserve for losses and loss expenses (Reserve rollforward) (Details) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015		Sep. 30, 2014
Reserve for paid losses and unpaid loss expenses
Reserve for losses and loss expenses, beginning of period		$ 3,187,177		$ 2,867,307		$ 3,234,394		$ 3,030,399
Losses and loss expenses recoverable, beginning of period		(376,665)		(338,734)		(377,466)		(370,154)
Net reserves for losses and loss expenses, beginning of period		2,810,512		2,528,573		2,856,928		2,660,245
Increase (decrease) in net losses and loss expenses incurred in respect of losses occurring in:
Current year		349,759		279,690		1,011,111		713,177
Prior years		(91,501)	[1],[2]	(55,565)	[1]	(245,778)	[3]	(167,636)
Total incurred losses and loss expenses	[4]	258,258		224,125		765,333		545,541
Less net losses and loss expenses paid in respect of losses occurring in:
Current year		(63,151)		(74,618)		(105,216)		(99,326)
Prior years		(207,514)		(183,697)		(700,507)		(633,048)
Total net paid losses		(270,665)		(258,315)		(805,723)		(732,374)
Foreign exchange gain		(13,983)		(40,717)		(32,416)		(19,746)
Net reserve for losses and loss expenses, end of period		2,784,122		2,453,666		2,784,122		2,453,666
Losses and loss expenses recoverable, end of period		385,212		298,502		385,212		298,502
Reserve for losses and loss expenses, end of period		3,169,334		2,752,168		3,169,334		2,752,168
Components of incurred losses and loss expenses
Gross losses and loss expenses (a)	[4]	285,871		222,356		854,438		587,111
Reinsurance recoverable		(27,613)		1,769		(89,105)		(41,570)
Net incurred losses and loss expenses (a)	[4]	$ 258,258		$ 224,125		$ 765,333		$ 545,541
[1]	AlphaCat has not had any development on prior accident years.
[2]	Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was amortized to income through a reduction in losses and loss expenses of $2,524 during the three months ended September 30, 2015. The remaining fair value adjustment of $2,340 will be amortized during the remainder of 2015.
[3]	Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was amortized to income through a reduction in losses and loss expenses of $8,639 during the nine months ended September 30, 2015. The remaining fair value adjustment of $2,340 will be amortized during the remainder of 2015.
[4]	Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was amortized to income through a reduction in losses and loss expenses of $2,524 and $8,639 during the three and nine months ended September 30, 2015, respectively. The remaining fair value adjustment of $2,340 will be amortized during the remainder of 2015.

Reserve for losses and loss e65

Reserve for losses and loss expenses (Prior year development) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015		Sep. 30, 2014
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	$ (91,501)	[1],[2]	$ (55,565)	[1]	$ (245,778)	[3]	$ (167,636)
Validus Re
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	(50,475)	[1]	(20,140)	[1]	(106,050)		(56,836)
AlphaCat
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years					(844)		(11,608)
Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	(35,972)	[1]	(35,425)	[1]	(123,245)		(99,192)
Western World
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	(5,054)	[1],[2]			(15,639)	[3]
Property
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	(38,373)	[2]	(29,669)		(111,070)	[3]	(106,111)
Property | Validus Re
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	(27,613)		(16,384)		(58,437)		(50,598)
Property | AlphaCat
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years					(844)		(11,608)
Property | Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	(9,706)		(13,285)		(47,141)		(43,905)
Property | Western World
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	(1,054)	[2]			(4,648)	[3]
Marine
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	(28,410)	[2]	(14,765)		(80,403)	[3]	(23,404)
Marine | Validus Re
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	(13,556)		(2,843)		(29,225)		(5,213)
Marine | AlphaCat
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years					0		0
Marine | Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	(14,854)		(11,922)		(51,178)		(18,191)
Marine | Western World
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	0	[2]			0	[3]
Specialty
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	(20,718)	[2]	(11,131)		(43,314)	[3]	(38,121)
Specialty | Validus Re
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	(9,306)		(913)		(18,388)		(1,025)
Specialty | AlphaCat
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years					0		0
Specialty | Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	(11,412)		$ (10,218)		(24,926)		$ (37,096)
Specialty | Western World
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	0	[2]			0	[3]
Liability
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	(4,000)	[2]			(10,991)	[3]
Liability | Validus Re
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	0				0
Liability | AlphaCat
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years					0
Liability | Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	0				0
Liability | Western World
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	$ (4,000)	[2]			$ (10,991)	[3]
[1]	AlphaCat has not had any development on prior accident years.
[2]	Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was amortized to income through a reduction in losses and loss expenses of $2,524 during the three months ended September 30, 2015. The remaining fair value adjustment of $2,340 will be amortized during the remainder of 2015.
[3]	Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was amortized to income through a reduction in losses and loss expenses of $8,639 during the nine months ended September 30, 2015. The remaining fair value adjustment of $2,340 will be amortized during the remainder of 2015.

Reserve for losses and loss e66

Reserve for losses and loss expenses (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Liability for Unpaid Claims and Claims Adjustment Expense, Reported Claims, Amount	$ 1,295,473	$ 1,295,473	$ 1,495,323
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred but Not Reported (IBNR) Claims, Amount	1,873,861	1,873,861	1,739,071
Western World
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Fair value adjustment to net reserves			$ 15,586
Amortized to income during the period	2,524	8,639
Remaining amount of fair value adjustments to loss reserves to be amortized during the period	$ 2,340	$ 2,340

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 406,893	$ 415,544
Percentage of reinsurance recoverables	100.00%	100.00%
Reinsurance (Textuals) [Abstract]
Incurred but not reported recoverable	$ 241,283	$ 231,129
Provision for uncollectible reinsurance relating to losses recoverable	$ 5,069	$ 4,755
A- or better
Ceded Credit Risk [Line Items]
Percentage of reinsurance recoverables	98.70%	98.00%
Top 10 reinsurers
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 330,550	$ 312,205
Percentage of reinsurance recoverables	81.20%	75.10%
Top 10 reinsurers | Swiss Re | AA-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 78,548	$ 70,848
Percentage of reinsurance recoverables	19.30%	17.00%
Top 10 reinsurers | Lloyds Syndicates | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 71,085	$ 62,318
Percentage of reinsurance recoverables	17.50%	15.00%
Top 10 reinsurers | Everest Re | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 47,395	$ 51,425
Percentage of reinsurance recoverables	11.60%	12.40%
Top 10 reinsurers | Hannover Re | AA-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 42,706	$ 40,927
Percentage of reinsurance recoverables	10.50%	9.80%
Top 10 reinsurers | Fully Collateralized | NR
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 27,604	$ 23,315
Percentage of reinsurance recoverables	6.80%	5.60%
Top 10 reinsurers | Munich Re | AA-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 19,063	$ 19,384
Percentage of reinsurance recoverables	4.70%	4.70%
Top 10 reinsurers | Hamilton Re | A-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 12,613
Percentage of reinsurance recoverables	3.10%
Top 10 reinsurers | Transatlantic Re | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 11,921	$ 12,418
Percentage of reinsurance recoverables	2.90%	3.00%
Top 10 reinsurers | National Indemnity | AA plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 10,293
Percentage of reinsurance recoverables	2.50%
Top 10 reinsurers | XL Re | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 9,322	$ 11,114
Percentage of reinsurance recoverables	2.30%	2.70%
Top 10 reinsurers | Berkshire Hathaway Homestate | AA plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable		$ 10,372
Percentage of reinsurance recoverables		2.50%
Top 10 reinsurers | Merrimack Mutual Fire Insurance | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable		$ 10,084
Percentage of reinsurance recoverables		2.40%
Other reinsurers' balances greater than $1 million
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 67,209	$ 94,247
Percentage of reinsurance recoverables	16.50%	22.70%
Other reinsurers' balances less than $1 million
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 9,134	$ 9,092
Percentage of reinsurance recoverables	2.30%	2.20%

Share capital (Details)

Share capital (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 03, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Share Capital (Narrative)
Common shares, shares authorized		571,428,571						571,428,571		571,428,571
Common shares, par value		$ 0.175						$ 0.175		$ 0.175
Common stock voting rights								one vote per share
Restriction on percentage of voting power								9.09%
Share repurchases
Common share repurchase authorization	$ 750,000
Share repurchase program, cumulative shares repurchased								74,797,775
Shares repurchased, cumulative	$ 2,274,401							$ 2,435,218
Remaining share repurchase authorization amount		$ 589,183						$ 589,183
Cash dividends declared per share		$ 0.32			$ 0.3000			$ 0.96	$ 0.90
Summary of common shares issued and outstanding
Common shares issued, beginning balance				155,554,224			154,488,497	155,554,224	154,488,497
Options exercised (in shares)								782,465	133,385
Direct issuance of common stock (in shares)								639	1,060
Common shares issued, ending balance		158,434,541			155,253,556			158,434,541	155,253,556
Treasury shares, ending balance		(76,436,650)			(66,141,285)			(76,436,650)	(66,141,285)
Common shares outstanding, ending balance		81,997,891			89,112,271			81,997,891	89,112,271
Common shares
Share repurchases
Cash dividends declared per share		$ 0.32	$ 0.32	$ 0.32	$ 0.30	$ 0.30	$ 0.30
Summary of common shares issued and outstanding
Warrants exercised (in shares)								1,461,715
Common share equivalents
Share repurchases
Cash dividends declared per share		$ 0.32	$ 0.32	$ 0.32
Warrants
Share repurchases
Number of warrants exercised during period								1,796,793	0
Number of outstanding warrants		3,377,320						3,377,320		5,174,114
Restricted share awards
Summary of common shares issued and outstanding
Vested, net of shares withheld								610,714	594,582
Restricted share units
Summary of common shares issued and outstanding
Vested, net of shares withheld								13,260	10,265
Performance shares
Summary of common shares issued and outstanding
Vested, net of shares withheld								11,524	25,767

Stock plans (Options activity)

Stock plans (Options activity) (Details) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Options activities:
Options outstanding, beginning balance (in shares)	1,160,057	1,572,713
Options exercised during period (in shares)	(1,094,656)	(133,385)
Options outstanding, ending balance (in shares)	65,401	1,439,328
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 7.12	$ 6.66
Weighted average grant date fair value, options exercised (in dollars per share)	7.09	3.81
Weighted average grant date fair value, ending balance (in dollars per share)	7.74	6.93
Weighted Average Grant Date Exercise Price
Weighted average grant date exercise price, beginning balance (in dollars per share)	17.74	18.88
Weighted average grant date exercise price, options exercised (in dollars per share)	17.60	25.10
Weighted average grant date exercise price, ending balance (in dollars per share)	$ 20.17	$ 18.30

Stock plans (Other awards activ

Stock plans (Other awards activity) (Details) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Restricted share awards
Activities
Beginning balance (in shares)	2,858,711	2,684,745
Granted (in shares)	706,341	925,610
Vested (in shares)	(783,704)	(769,971)
Forfeited (in shares)	(52,642)	(69,117)
Ending balance (in shares)	2,728,706	2,771,267
Weighted average grant date fair value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 35.81	$ 33.74
Weighted average grant date fair value, granted (in dollars per share)	43.58	37.33
Weighted average grant date fair value, vested (in dollars per share)	34.40	31.47
Weighted average grant date fair value, forfeited (in dollars per share)	38.03	36.28
Weighted average grant date fair value, ending balance (in dollars per share)	$ 38.19	$ 35.50
Restricted share units
Activities
Beginning balance (in shares)	103,484	66,518
Granted (in shares)	28,057	53,025
Vested (in shares)	(19,455)	(18,325)
Issued in lieu of cash dividends (in shares)	2,337	1,479
Forfeited (in shares)	(892)
Ending balance (in shares)	113,531	102,697
Weighted average grant date fair value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 36.54	$ 33.74
Weighted average grant date fair value, granted (in dollars per share)	42.91	38.10
Weighted average grant date fair value, vested (in dollars per share)	34.58	30.71
Weighted average grant date fair value, issued in lieu of cash dividends (in dollars per share)	37.21	34.19
Weighted average grant date fair value, forfeited (in dollars per share)	35.42
Weighted average grant date fair value, ending balance (in dollars per share)	$ 38.47	$ 36.54
Performance shares
Activities
Beginning balance (in shares)	106,369	101,820
Granted (in shares)	81,569	52,639
Vested (in shares)	(15,344)	(32,746)
Conversion adjustment (in shares)		(15,344)
Ending balance (in shares)	172,594	106,369
Weighted average grant date fair value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 36.03	$ 33.56
Weighted average grant date fair value, granted (in dollars per share)	45.03	37.33
Weighted average grant date fair value, vested (in dollars per share)	31.38	32.62
Weighted average grant date fair value, conversion adjustment (in dollars per share)		31.38
Weighted average grant date fair value, ending balance (in dollars per share)	$ 40.70	$ 36.03

Stock plans (Components of shar

Stock plans (Components of share compensation expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Total share compensation expenses
Share compensation expenses	$ 9,983	$ 8,764	$ 28,279	$ 24,252
Restricted share awards
Total share compensation expenses
Share compensation expenses	9,081	8,180	26,213	23,101
Restricted share units
Total share compensation expenses
Share compensation expenses	310	269	851	602
Performance shares
Total share compensation expenses
Share compensation expenses	$ 592	$ 315	$ 1,215	$ 549

Stock plans (Narrative) (Detail

Stock plans (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Stock plans (other details)
Number of shares reserved for issuance under the LTIP and STIP	14,976,896		14,976,896
Remaining number of shares reserved for issuance	1,988,523		1,988,523
Share compensation expenses	$ 9,983	$ 8,764	$ 28,279	$ 24,252
Options
Stock plans (other details)
Life of options			10 years
Share compensation expenses	0		$ 0	0
Unrecognized share compensation expenses	0		0		$ 0
Restricted share awards
Stock plans (other details)
Share compensation expenses	9,081	8,180	26,213	23,101
Unrecognized share compensation expenses	77,222		$ 77,222		$ 74,670
Weighted average period of recognizing share based compensation expenses			2 years 7 months 13 days		2 years 8 months 12 days
Restricted share units
Stock plans (other details)
Share compensation expenses	310	269	$ 851	602
Unrecognized share compensation expenses	3,085		$ 3,085		$ 2,774
Weighted average period of recognizing share based compensation expenses			2 years 9 months 21 days		3 years 1 month 6 days
Performance shares
Stock plans (other details)
Share compensation expenses	592	$ 315	$ 1,215	$ 549
Unrecognized share compensation expenses	$ 4,559		$ 4,559		$ 2,232
Weighted average period of recognizing share based compensation expenses			2 years 3 months 21 days		2 years 1 month 6 days
Performance share awards performance period			3 years

Debt and financing arrangemen73

Debt and financing arrangements (Schedule of finance structure) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instruments [Line Items]
Debt instrument, commitment		$ 848,254	$ 849,477
Debt instrument, issued and outstanding	[1]	788,054	789,277
Debt instrument, drawn		785,441	786,583
Credit facility, commitment		1,265,000	1,605,000
Credit facility, issued and outstanding	[1]	525,905	561,684
Total debt and financing arrangements, commitment		2,113,254	2,454,477
Total debt and financing arrangements, issued and outstanding	[1]	1,313,959	1,350,961
$400,000 syndicated unsecured letter of credit facility
Debt Instruments [Line Items]
Credit facility, commitment		400,000	400,000
Credit facility, issued and outstanding	[1]	0	0
$525,000 syndicated secured letter of credit facility
Debt Instruments [Line Items]
Credit facility, commitment		525,000	525,000
Credit facility, issued and outstanding	[1]	244,358	276,455
Secured bi-lateral letter of credit facility
Debt Instruments [Line Items]
Credit facility, commitment		30,000	200,000
Credit facility, issued and outstanding	[1]	10,172	15,649
Talbot FAL facility
Debt Instruments [Line Items]
Credit facility, commitment		25,000	25,000
Credit facility, issued and outstanding	[1]	25,000	25,000
PaCRe senior secured letter of credit facility
Debt Instruments [Line Items]
Credit facility, commitment			10,000
Credit facility, issued and outstanding	[1]	0	294
AlphaCat Re secured letter of credit facility
Debt Instruments [Line Items]
Credit facility, commitment		30,000	30,000	$ 24,800
Credit facility, issued and outstanding	[1]	30,000	30,000
IPC bi-lateral facility
Debt Instruments [Line Items]
Credit facility, commitment		25,000	40,000
Credit facility, issued and outstanding	[1]	10,782	15,897
Flagstone bi-lateral facility
Debt Instruments [Line Items]
Credit facility, commitment		230,000	375,000
Credit facility, issued and outstanding	[1]	205,593	198,389
Total debentures payable
Debt Instruments [Line Items]
Debt instrument, commitment		598,254	599,477
Debt instrument, issued and outstanding	[1]	538,054	539,277
Debt instrument, drawn		538,054	539,277
2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Debt instrument, commitment		150,000	150,000
Debt instrument, issued and outstanding	[1]	150,000	150,000
Debt instrument, drawn		150,000	150,000
2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Debt instrument, commitment		200,000	200,000
Debt instrument, issued and outstanding	[1]	139,800	139,800
Debt instrument, drawn		139,800	139,800
Flagstone 2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Debt instrument, commitment		134,504	135,727
Debt instrument, issued and outstanding	[1]	134,504	135,727
Debt instrument, drawn		134,504	135,727
Flagstone 2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Debt instrument, commitment		113,750	113,750
Debt instrument, issued and outstanding	[1]	113,750	113,750
Debt instrument, drawn		113,750	113,750
2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Debt instrument, commitment		250,000	250,000
Debt instrument, issued and outstanding	[1]	250,000	250,000
Debt instrument, drawn		$ 247,387	$ 247,306
[1]	Indicates utilization of commitment amount, not necessarily drawn borrowings.

Debt and financing arrangemen74

Debt and financing arrangements (Summary of notes and debentures) (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Debt Instruments [Line Items]
Commitment		$ 848,254	$ 849,477
2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Commitment		150,000	150,000
Flagstone 2006 Junior Subordinated Deferrable Interest Notes
Debt Instruments [Line Items]
Commitment		134,504	135,727
2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Commitment		200,000	200,000
2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Commitment		$ 250,000	$ 250,000
At Issuance | 2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Issuance date		Jun. 15, 2006
Commitment		$ 150,000
Maturity date		Jun. 15, 2036
Fixed interest rate (in percent)	[1]	9.069%
Interest payments due		Quarterly
At Issuance | Flagstone 2006 Junior Subordinated Deferrable Interest Notes
Debt Instruments [Line Items]
Issuance date		Aug. 23, 2006
Commitment		$ 134,504
Maturity date		Sep. 15, 2036
Interest payments due		Quarterly
At Issuance | Flagstone 2006 Junior Subordinated Deferrable Interest Notes | Three month LIBOR
Debt Instruments [Line Items]
Spread on variable rate (in percent)	[2]	3.54%
At Issuance | 2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Issuance date		Jun. 21, 2007
Commitment		$ 200,000
Maturity date		Jun. 15, 2037
Fixed interest rate (in percent)	[1]	8.48%
Interest payments due		Quarterly
At Issuance | Flagstone 2007 Due July 30 2037
Debt Instruments [Line Items]
Issuance date		Jun. 8, 2007
Commitment		$ 88,750
Maturity date		Jul. 30, 2037
Interest payments due		Quarterly
At Issuance | Flagstone 2007 Due July 30 2037 | Three month LIBOR
Debt Instruments [Line Items]
Spread on variable rate (in percent)	[2]	3.00%
At Issuance | Flagstone 2007 Debt Due September 15 2037
Debt Instruments [Line Items]
Issuance date		Sep. 20, 2007
Commitment		$ 25,000
Maturity date		Sep. 15, 2037
Interest payments due		Quarterly
At Issuance | Flagstone 2007 Debt Due September 15 2037 | Three month LIBOR
Debt Instruments [Line Items]
Spread on variable rate (in percent)	[2]	3.10%
At Issuance | 2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Issuance date		Jan. 26, 2010
Commitment		$ 250,000
Maturity date		Jan. 26, 2040
Fixed interest rate (in percent)	[1]	8.875%
Interest payments due		Semi-annually in arrears
Outstanding | 2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Issuance date		Jun. 15, 2006
Commitment		$ 150,000
Maturity date		Jun. 15, 2036
Effective percentage	[3]	5.831%
Interest payments due		Quarterly
Outstanding | Flagstone 2006 Junior Subordinated Deferrable Interest Notes
Debt Instruments [Line Items]
Issuance date		Aug. 23, 2006
Commitment		$ 134,482
Maturity date		Sep. 15, 2036
Effective percentage	[3]	6.463%
Interest payments due		Quarterly
Outstanding | 2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Issuance date		Jun. 21, 2007
Commitment		$ 200,000
Maturity date		Jun. 15, 2037
Effective percentage	[3]	5.18%
Interest payments due		Quarterly
Outstanding | Flagstone 2007 Due July 30 2037
Debt Instruments [Line Items]
Issuance date		Jun. 8, 2007
Commitment		$ 88,750
Maturity date		Jul. 30, 2037
Effective percentage	[3]	5.90%
Interest payments due		Quarterly
Outstanding | Flagstone 2007 Debt Due September 15 2037
Debt Instruments [Line Items]
Issuance date		Sep. 20, 2007
Commitment		$ 25,000
Maturity date		Sep. 15, 2037
Effective percentage	[3]	5.983%
Interest payments due		Quarterly
Outstanding | 2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Issuance date		Jan. 26, 2010
Commitment		$ 250,000
Maturity date		Jan. 26, 2040
Fixed interest rate (in percent)	[1]	8.875%
Interest payments due		Semi-annually in arrears
[1]	Fixed interest rate.
[2]	Variable interest rate is the three-month LIBOR, reset quarterly, plus spread as noted in the table.
[3]	Interest rate has been fixed as a result of interest rate swap contracts entered into by the Company.

Debt and financing arrangemen75

Debt and financing arrangements (Components of finance expenses) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Debt Instruments [Line Items]
Finance expenses		$ 17,498	$ 15,354	$ 55,085	$ 47,380
Credit facilities
Debt Instruments [Line Items]
Finance expenses		1,293	1,295	4,193	4,225
Bank charges
Debt Instruments [Line Items]
Finance expenses		76	88	337	303
AlphaCat Fees
Debt Instruments [Line Items]
Finance expenses	[1]	2,348	384	9,456	2,030
Talbot FAL facility
Debt Instruments [Line Items]
Finance expenses		20	(169)	113	(165)
2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		2,235	2,235	6,633	6,633
2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		1,848	1,848	5,492	5,492
Flagstone 2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		2,274	2,269	6,735	6,736
Flagstone 2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		1,807	1,807	5,335	5,335
2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Finance expenses		$ 5,597	$ 5,597	$ 16,791	$ 16,791
[1]	Includes finance expenses incurred by AlphaCat Managers, Ltd. in relation to fund raising for AlphaCat direct, the AlphaCat ILS funds, AlphaCat 2015 and AlphaCat 2014.

Debt and financing arrangemen76

Debt and financing arrangements (Narrative) (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Senior Notes and Junior Debentures
Long-term Debt		$ 538,054	$ 539,277
Credit Facilities
Credit facility, commitment		1,265,000	1,605,000
Credit facility, issued and outstanding	[1]	525,905	561,684
Credit Facilities
Credit Facilities
Minimum level of consolidated net worth		$ 2,600,000
Percent of consolidated net income quarterly increase under covenant		50.00%
Percent of any net proceeds from issuance of common shares		50.00%
Ratio consolidated total debt to net worth under covenant		0.35:1.00
Four-year syndicated unsecured credit facility
Credit Facilities
Credit facility, commitment		$ 400,000	400,000
Line of credit facility initiation date		Mar. 9, 2012
Letter of credit facility period		4 years
Aggregate commitments, maximum		$ 500,000
Credit facility, issued and outstanding	[1]	0	0
Four-year syndicated secured credit facility
Credit Facilities
Credit facility, commitment		$ 525,000	525,000
Line of credit facility initiation date		Mar. 9, 2012
Letter of credit facility period		4 years
Aggregate commitments, maximum		$ 700,000
Credit facility, issued and outstanding	[1]	244,358	276,455
Talbot FAL Facility
Credit Facilities
Credit facility, commitment		25,000	25,000
Credit facility, issued and outstanding	[1]	25,000	25,000
Minimum level of consolidated net worth		$ 3,225,727
Percent of consolidated net income quarterly increase under covenant		50.00%
Percent of any net proceeds from issuance of common shares		50.00%
Ratio consolidated total debt to net worth under covenant		0.35:1.00
Minimum Level of Funds at Lloyds		$ 300,000
IPC bi-lateral facility
Credit Facilities
Credit facility, commitment		25,000	40,000
Credit facility, issued and outstanding	[1]	10,782	15,897
Secured bi-lateral letter of credit facility
Credit Facilities
Credit facility, commitment		30,000	200,000
Credit facility, issued and outstanding	[1]	10,172	15,649
PaCRe senior secured letter of credit facility
Credit Facilities
Credit facility, commitment			10,000
Credit facility, issued and outstanding	[1]	0	294
AlphaCat Re secured letter of credit facility
Credit Facilities
Credit facility, commitment		30,000	30,000	$ 24,800
Credit facility, issued and outstanding	[1]	30,000	30,000
Flagstone bi-lateral facility
Credit Facilities
Credit facility, commitment		230,000	375,000
Credit facility, issued and outstanding	[1]	205,593	$ 198,389
2010 Senior Notes Due 2040
Senior Notes and Junior Debentures
Long-term Debt		$ 250,000
2010 Senior Notes Due 2040 | Maximum
Senior Notes and Junior Debentures
Debt Instrument Redemption Required Notice Period		60 days
2010 Senior Notes Due 2040 | Minimum
Senior Notes and Junior Debentures
Debt Instrument Redemption Required Notice Period		30 days
Junior subordinated deeferrable debentures
Senior Notes and Junior Debentures
Long-term Debt		$ 538,054
Debt Instrument Redemption Period Duration		5 years
[1]	Indicates utilization of commitment amount, not necessarily drawn borrowings.

Accumulated other comprehensi77

Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ (9,066)	$ 2,460	$ (8,556)	$ (617)
Net current period other comprehensive (loss) income, net of tax	(1,803)	(5,198)	(2,313)	(2,121)
Balance, end of period	(10,869)	(2,738)	(10,869)	(2,738)
Foreign currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(8,374)	2,460	(8,118)	(617)
Net current period other comprehensive (loss) income, net of tax	(1,850)	(5,198)	(2,106)	(2,121)
Balance, end of period	(10,224)	$ (2,738)	(10,224)	$ (2,738)
Minimum pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(53)		(210)
Net current period other comprehensive (loss) income, net of tax	(28)		129
Balance, end of period	(81)		(81)
Cash flow hedge
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(639)		(228)
Net current period other comprehensive (loss) income, net of tax	75		(336)
Balance, end of period	$ (564)		$ (564)

Commitments and contingencies78

Commitments and contingencies (Investment portfolio) (Details) - Concentrations of credit risk	9 Months Ended
	Sep. 30, 2015
Concentrations Of Credit Risk [Abstract]
Percent of investment portfolio with a credit rating below the minimum required credit rating of Baa3/BBB-	9.50%
Investment portfolio excluding government and agency securities
Concentrations Of Credit Risk [Abstract]
Maximum aggregate exposure to single issuer, allowed	3.75%
Aggregate exposure to single issuer, actual	0.70%
Bank loan portfolio
Concentrations Of Credit Risk [Abstract]
Total investment portfolio, fair value	7.70%
Investment portfolio excluding bank loans
Concentrations Of Credit Risk [Abstract]
Maximum exposure to risk assets, allowed	35.00%
Holding in aggregate market value permitted with written pre-authorization	15.00%

Commitments and contingencies79

Commitments and contingencies (Lloyd's syndicate) (Details) £ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015GBP (£)	Dec. 31, 2014USD ($)
Components Of Required Capital [Abstract]
Talbot FAL facility	$ 1,265,000		$ 1,605,000
Lloyd's Syndicate 1183
Funds at Lloyd's and Lloyd's Central Fund
Maximum premium levies assessable, percent	3.00%	3.00%
Estimated underwriting capacity | £		£ 625,000
Exchange rate	£1 equals $1.51	£1 equals $1.51
Maximum premium levies assessable, amount	$ 28,313
2015 Underwriting year | Lloyd's Syndicate 1183
Components Of Required Capital [Abstract]
Talbot FAL facility	25,000
Group funds	570,100
Total	595,100
2014 Underwriting year | Lloyd's Syndicate 1183
Components Of Required Capital [Abstract]
Talbot FAL facility	25,000
Group funds	450,000
Total	$ 475,000

Commitments and contingencies80

Commitments and contingencies (Aquiline commitment) (Details) - USD ($) $ in Thousands	Dec. 29, 2014	Nov. 07, 2014	Oct. 02, 2014	Sep. 30, 2015	Dec. 31, 2014
Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Total capital commitment				$ 50,000
Remaining capital commitment				4,085	$ 7,500
Western World | Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Total capital commitment			$ 10,000
Remaining capital commitment				817	1,499
Aquiline Financial Services Fund III LP
Related Party Transaction [Line Items]
Total capital commitment		$ 100,000
Remaining capital commitment				86,110	100,000
AlphaCat 2,015
Related Party Transaction [Line Items]
Total capital commitment	$ 28,000
Remaining capital commitment				0	2,400
AlphaCat ILS Funds
Related Party Transaction [Line Items]
Total capital commitment	$ 20,000
Remaining capital commitment				$ 0	$ 8,000

Commitments and contingencies81

Commitments and contingencies (Other investment commitments) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fixed maturity commitment
Other Commitments [Line Items]
Remaining commitment	$ 28,831	$ 7,539
Investment commitment
Other Commitments [Line Items]
Capital commitment	153,000	153,000
Remaining commitment	$ 76,519	$ 83,712

Commitments and contingencies M

Commitments and contingencies Multi-Beneficiary Reinsurance Trust ("MBRT") (Details)	Sep. 30, 2015jurisdiction
Number of approved jurisdictions [Line Items]
Number of approved jurisdictions	46

Related party transactions (Det

Related party transactions (Details) $ in Thousands	Nov. 07, 2014USD ($)	Oct. 02, 2014USD ($)	Dec. 20, 2011USD ($)	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Employeeshares	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Aquiline Capital Partners LLC
Related Party Transaction [Line Items]
Warrants to purchase shares | shares				2,756,088		2,756,088
Related parties number of employees | Employee						2
Group Ark Insurance Holdings Ltd
Related Party Transaction [Line Items]
Gross premiums written				$ 322	$ 246	$ 2,718	$ 2,190
Premiums receivable				1,484		1,484		$ 335
Reinsurance premiums ceded				23	127	24	127
Reinsurance balances payable				4		4		4
Loss reserves recoverable				815		815		1,063
Earned premium adjustments				870	694	2,187	1,653
Conning Inc
Related Party Transaction [Line Items]
Investment management fees				436	(7)	841	219
Accounts payable and accrued expenses								515
Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Accounts payable and accrued expenses				0		$ 0		0
Percentage of Assignor's interest assumed						100.00%
Total capital commitment						$ 50,000
Partnership fees incurred				155	0	1,092	0
Payments to acquire (distributions from) limited partnership interests				(3,684)	$ 0	5,293
Aquiline Financial Services Fund II LP
Related Party Transaction [Line Items]
Percentage of Assignor's interest assumed			100.00%
Total capital commitment		$ 10,000	$ 50,000
Aquiline Financial Services Fund III LP
Related Party Transaction [Line Items]
Accounts payable and accrued expenses				0		0		$ 0
Total capital commitment	$ 100,000
Partnership fees incurred				0		0
Payments to acquire (distributions from) limited partnership interests				$ (345)		$ 13,793	$ 0

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic earnings per share
Net (loss) income	$ (5,013)	$ (13,397)	$ 289,032	$ 381,172
Loss (income) attributable to noncontrolling interest	71,663	53,069	15,042	(25,745)
Net income available to Validus	66,650	39,672	304,074	355,427
Less: Dividends and distributions declared on outstanding warrants	(1,080)	(1,552)	(3,566)	(4,656)
Income available to common shareholders	$ 65,570	$ 38,120	$ 300,508	$ 350,771
Weighted average number of common shares outstanding	82,635,316	90,593,329	83,296,703	91,665,950
Basic earnings per share available to common shareholders	$ 0.79	$ 0.42	$ 3.61	$ 3.83
Earnings per diluted share
Net (loss) income	$ (5,013)	$ (13,397)	$ 289,032	$ 381,172
Loss (income) attributable to noncontrolling interest	71,663	53,069	15,042	(25,745)
Net income available to Validus	66,650	39,672	304,074	355,427
Less: Dividends and distributions declared on outstanding warrants	0	(1,552)	0	0
Income available to common shareholders	$ 66,650	$ 38,120	$ 304,074	$ 355,427
Weighted average number of common shares outstanding	82,635,316	90,593,329	83,296,703	91,665,950
Weighted average number of diluted common shares outstanding	85,629,494	91,939,610	86,841,927	95,937,641
Earnings per diluted share available to common shareholders	$ 0.78	$ 0.41	$ 3.50	$ 3.70
Other details:
Anti-dilutive securities excluded from the calculation of diluted earnings per share			25,237	4,712
Warrants
Earnings per diluted share
Weighted average number of diluted common shares outstanding, aggregate	2,054,378	0	2,290,892	2,747,399
Stock options
Earnings per diluted share
Weighted average number of diluted common shares outstanding, aggregate	47,702	760,267	190,429	752,145
Unvested restricted shares
Earnings per diluted share
Weighted average number of diluted common shares outstanding, aggregate	892,098	586,014	1,063,903	772,147

Segment information (Details)

Segment information (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014		Sep. 30, 2015	Sep. 30, 2014		Dec. 31, 2014
Underwriting income
Gross premiums written		$ 401,681	$ 358,974		$ 2,248,147	$ 2,026,639
Reinsurance premiums ceded		(48,425)	(30,137)		(294,161)	(275,610)
Net premiums written		353,256	328,837		1,953,986	1,751,029
Change in unearned premiums		202,203	165,859		(247,191)	(307,373)
Net premiums earned		555,459	494,696		1,706,795	1,443,656
Underwriting deductions
Losses and loss expenses	[1]	258,258	224,125		765,333	545,541
Policy acquisition costs		105,091	86,404		308,152	251,006
General and administrative expenses		95,999	83,319		263,990	231,606
Share compensation expenses		9,983	8,764		28,279	24,252
Total underwriting deductions		469,331	402,612		1,365,754	1,052,405
Underwriting income (loss)		86,128	92,084		341,041	391,251
Net investment income		31,524	25,261		96,153	69,909
Other insurance related income (loss)		10,157	3,610		18,137	16,458
Finance expenses		(17,498)	(15,354)		(55,085)	(47,380)
Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors		110,311	105,601		400,246	430,238
Tax (expense) benefit		(2,018)	953		(7,132)	(398)
Income from operating affiliates		5,526	3,761		12,083	13,580
(Income) attributable to AlphaCat investors		(40,256)	(25,807)		(94,341)	(82,833)
Net operating income (loss)		73,563	84,508		310,856	360,587
Net realized gains on investments		(41,906)	4,595		(35,493)	16,193
Change in net unrealized gains on investments	[2]	(34,908)	(84,974)		19,766	16,146
Income from investment affiliate		2,482	1,754		5,542	7,881
Foreign exchange gains (losses)		(2,274)	(11,441)		(9,061)	(14,761)
Other loss		(1,970)	(7,690)		(2,578)	(1,473)
Transaction expenses		0	(149)	[3]	0	(3,401)	[4]
Net (loss) income		(5,013)	(13,397)		289,032	381,172
Net loss (income) attributable to noncontrolling interest		71,663	53,069		15,042	(25,745)
Net income (loss) available (attributable) to Validus		$ 66,650	$ 39,672		$ 304,074	$ 355,427
Selected ratios:
Net premiums written / Gross premiums written	[5]	87.90%	91.60%		86.90%	86.40%
Losses and loss expenses	[5]	46.50%	45.30%		44.80%	37.80%
Policy acquisition costs	[5]	18.90%	17.50%		18.10%	17.40%
General and administrative expenses	[5],[6]	19.10%	18.60%		17.10%	17.70%
Expense ratio	[5]	38.00%	36.10%		35.20%	35.10%
Combined ratio	[5]	84.50%	81.40%		80.00%	72.90%
Total assets		$ 11,235,963	$ 10,079,136		$ 11,235,963	$ 10,079,136		$ 10,329,939
Operating Segments | Validus Re
Underwriting income
Gross premiums written		102,913	114,380	[7],[8]	1,111,020	1,081,816	[8],[9]
Reinsurance premiums ceded		(15,462)	(10,382)	[7]	(147,611)	(161,721)	[9]
Net premiums written		87,451	103,998	[7]	963,409	920,095	[9]
Change in unearned premiums		153,210	122,712	[7]	(205,110)	(233,271)	[9]
Net premiums earned		240,661	226,710	[7]	758,299	686,824	[9]
Underwriting deductions
Losses and loss expenses		120,958	102,005	[7]	357,491	247,848	[9]
Policy acquisition costs		42,989	36,177	[7]	128,909	106,547	[9]
General and administrative expenses		19,964	18,522	[7]	58,254	53,757	[9]
Share compensation expenses		2,691	2,582	[7]	7,665	7,126	[9]
Total underwriting deductions		186,602	159,286	[7]	552,319	415,278	[9]
Underwriting income (loss)		54,059	67,424	[7]	205,980	271,546	[9]
Net investment income		18,362	20,270	[7]	56,694	54,810	[9]
Other insurance related income (loss)		2,569	863	[7]	3,318	2,385	[9]
Finance expenses		(3,624)	(3,622)	[7]	(11,068)	(11,131)	[9]
Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors		71,366	84,935	[7]	254,924	317,610	[9]
Tax (expense) benefit		851	1,058	[7]	(14)	1,176	[9]
Income from operating affiliates		0	0	[7]	0	0	[9]
(Income) attributable to AlphaCat investors		0	0	[7]	0	0	[9]
Net operating income (loss)		72,217	85,993	[7]	254,910	318,786	[9]
Net realized gains on investments		(1,512)	1,641	[7]	717	5,411	[9]
Change in net unrealized gains on investments		(6,257)	(21,624)	[7]	76	(1,719)	[9]
Income from investment affiliate		1,842	1,754	[7]	4,204	7,881	[9]
Foreign exchange gains (losses)		(441)	(6,056)	[7]	(6,571)	(9,384)	[9]
Other loss		(1,970)	(7,690)	[7]	(2,578)	(1,473)	[9]
Transaction expenses	[4]		0			0
Net (loss) income		63,879	54,018	[7]	250,758	319,502	[9]
Net loss (income) attributable to noncontrolling interest		0	0	[7]	0	0	[9]
Net income (loss) available (attributable) to Validus		$ 63,879	$ 54,018	[7]	$ 250,758	$ 319,502	[9]
Selected ratios:
Net premiums written / Gross premiums written	[5]	85.00%	90.90%	[7]	86.70%	85.10%	[9]
Losses and loss expenses	[5]	50.30%	45.00%	[7]	47.10%	36.10%	[9]
Policy acquisition costs	[5]	17.90%	16.00%	[7]	17.00%	15.50%	[9]
General and administrative expenses	[5],[6]	9.40%	9.30%	[7]	8.70%	8.90%	[9]
Expense ratio	[5]	27.30%	25.30%	[7]	25.70%	24.40%	[9]
Combined ratio	[5]	77.60%	70.30%	[7]	72.80%	60.50%	[9]
Total assets		$ 4,441,212	$ 4,740,003	[7]	$ 4,441,212	$ 4,740,003	[7]
Operating Segments | AlphaCat
Underwriting income
Gross premiums written		9,448	6,936		176,129	135,073
Reinsurance premiums ceded		0	(648)		(4,538)	(4,348)
Net premiums written		9,448	6,288		171,591	130,725
Change in unearned premiums		35,276	28,850		(54,196)	(32,444)
Net premiums earned		44,724	35,138		117,395	98,281
Underwriting deductions
Losses and loss expenses		2,076	3,738		1,232	(7,155)
Policy acquisition costs		4,658	3,378		12,162	9,414
General and administrative expenses		4,674	7,719		12,202	15,627
Share compensation expenses		141	179		440	330
Total underwriting deductions		11,549	15,014		26,036	18,216
Underwriting income (loss)		33,175	20,124		91,359	80,065
Net investment income		1,533	837		4,872	2,546
Other insurance related income (loss)		7,522	5,980		17,048	21,482
Finance expenses		(2,355)	(385)		(9,462)	(2,039)
Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors		39,875	26,556		103,817	102,054
Tax (expense) benefit		0	0		0	0
Income from operating affiliates		5,526	3,761		12,083	13,580
(Income) attributable to AlphaCat investors		(40,256)	(25,807)		(94,341)	(82,833)
Net operating income (loss)		5,145	4,510		21,559	32,801
Net realized gains on investments		(40,673)	2,563		(40,544)	10,230
Change in net unrealized gains on investments		(36,673)	(60,253)		17,258	15,706
Income from investment affiliate		0	0		0	0
Foreign exchange gains (losses)		57	(51)		(37)	(204)
Other loss		0	0		0	0
Transaction expenses	[4]		0			0
Net (loss) income		(72,144)	(53,231)		(1,764)	58,533
Net loss (income) attributable to noncontrolling interest		71,663	53,069		15,042	(25,745)
Net income (loss) available (attributable) to Validus		$ (481)	$ (162)		$ 13,278	$ 32,788
Selected ratios:
Net premiums written / Gross premiums written	[5]	100.00%	90.70%		97.40%	96.80%
Losses and loss expenses	[5]	4.60%	10.60%		1.00%	(7.30%)
Policy acquisition costs	[5]	10.40%	9.60%		10.40%	9.60%
General and administrative expenses	[5],[6]	10.80%	22.50%		10.80%	16.20%
Expense ratio	[5]	21.20%	32.10%		21.20%	25.80%
Combined ratio	[5]	25.80%	42.70%		22.20%	18.50%
Total assets		$ 2,313,667	$ 1,688,191		$ 2,313,667	$ 1,688,191
Operating Segments | Talbot Segment
Underwriting income
Gross premiums written		226,025	245,685		789,148	854,324
Reinsurance premiums ceded		(35,823)	(27,134)		(164,144)	(154,115)
Net premiums written		190,202	218,551		625,004	700,209
Change in unearned premiums		15,942	14,297		9,167	(41,658)
Net premiums earned		206,144	232,848		634,171	658,551
Underwriting deductions
Losses and loss expenses		94,414	118,382		268,512	304,848
Policy acquisition costs		44,575	47,862		141,338	138,383
General and administrative expenses		43,292	37,709		115,341	107,031
Share compensation expenses		3,214	2,990		9,195	8,434
Total underwriting deductions		185,495	206,943		534,386	558,696
Underwriting income (loss)		20,649	25,905		99,785	99,855
Net investment income		6,457	4,965		19,168	14,322
Other insurance related income (loss)		470	109		564	384
Finance expenses		(57)	162		(231)	68
Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors		27,519	31,141		119,286	114,629
Tax (expense) benefit		(1,141)	332		(4,286)	(902)
Income from operating affiliates		0	0		0	0
(Income) attributable to AlphaCat investors		0	0		0	0
Net operating income (loss)		26,378	31,473		115,000	113,727
Net realized gains on investments		199	391		2,140	552
Change in net unrealized gains on investments		1,263	(3,097)		163	2,159
Income from investment affiliate		0	0		0	0
Foreign exchange gains (losses)		(3,682)	(7,114)		(4,949)	(5,897)
Other loss		0			0	0
Transaction expenses	[4]		0			0
Net (loss) income		24,158	21,653		112,354	110,541
Net loss (income) attributable to noncontrolling interest		0	0		0	0
Net income (loss) available (attributable) to Validus		$ 24,158	$ 21,653		$ 112,354	$ 110,541
Selected ratios:
Net premiums written / Gross premiums written	[5]	84.20%	89.00%		79.20%	82.00%
Losses and loss expenses	[5]	45.80%	50.80%		42.40%	46.30%
Policy acquisition costs	[5]	21.60%	20.60%		22.30%	21.00%
General and administrative expenses	[5],[6]	22.60%	17.50%		19.60%	17.50%
Expense ratio	[5]	44.20%	38.10%		41.90%	38.50%
Combined ratio	[5]	90.00%	88.90%		84.30%	84.80%
Total assets		$ 2,923,237	$ 2,901,264		$ 2,923,237	$ 2,901,264
Operating Segments | Western World
Underwriting income
Gross premiums written		70,871			207,372
Reinsurance premiums ceded		(4,716)			(13,390)
Net premiums written		66,155			193,982
Change in unearned premiums		(2,225)			2,948
Net premiums earned		63,930			196,930
Underwriting deductions
Losses and loss expenses		40,810			138,098
Policy acquisition costs		13,214			27,110
General and administrative expenses		9,587			29,137
Share compensation expenses		554			1,525
Total underwriting deductions		64,165			195,870
Underwriting income (loss)		(235)			1,060
Net investment income		5,634			16,660
Other insurance related income (loss)		248			787
Finance expenses		0			0
Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors		5,647			18,507
Tax (expense) benefit		(2,431)			(2,420)
Income from operating affiliates		0			0
(Income) attributable to AlphaCat investors		0			0
Net operating income (loss)		3,216			16,087
Net realized gains on investments		80			2,194
Change in net unrealized gains on investments		6,406			2,340
Income from investment affiliate		640			1,338
Foreign exchange gains (losses)		0			0
Other loss		0			0
Net (loss) income		10,342			21,959
Net loss (income) attributable to noncontrolling interest		0			0
Net income (loss) available (attributable) to Validus		$ 10,342			$ 21,959
Selected ratios:
Net premiums written / Gross premiums written	[5]	93.30%			93.50%
Losses and loss expenses	[5]	63.80%			70.10%
Policy acquisition costs	[5]	20.70%			13.80%
General and administrative expenses	[5],[6]	15.90%			15.60%
Expense ratio	[5]	36.60%			29.40%
Combined ratio	[5]	100.40%			99.50%
Total assets		$ 1,475,881			$ 1,475,881
Corporate And Eliminations
Underwriting income
Gross premiums written		(7,576)	(8,027)	[7],[8]	(35,522)	(44,574)	[8],[9]
Reinsurance premiums ceded		7,576	8,027	[7]	35,522	44,574	[9]
Net premiums written		0	0	[7]	0	0	[9]
Change in unearned premiums		0	0	[7]	0	0	[9]
Net premiums earned		0	0	[7]	0	0	[9]
Underwriting deductions
Losses and loss expenses		0	0	[7]	0	0	[9]
Policy acquisition costs		(345)	(1,013)	[7]	(1,367)	(3,338)	[9]
General and administrative expenses		18,482	19,369	[7]	49,056	55,191	[9]
Share compensation expenses		3,383	3,013	[7]	9,454	8,362	[9]
Total underwriting deductions		21,520	21,369	[7]	57,143	60,215	[9]
Underwriting income (loss)		(21,520)	(21,369)	[7]	(57,143)	(60,215)	[9]
Net investment income		(462)	(811)	[7]	(1,241)	(1,769)	[9]
Other insurance related income (loss)		(652)	(3,342)	[7]	(3,580)	(7,793)	[9]
Finance expenses		(11,462)	(11,509)	[7]	(34,324)	(34,278)	[9]
Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors		(34,096)	(37,031)	[7]	(96,288)	(104,055)	[9]
Tax (expense) benefit		703	(437)	[7]	(412)	(672)	[9]
Income from operating affiliates		0	0	[7]	0	0	[9]
(Income) attributable to AlphaCat investors		0	0	[7]	0	0	[9]
Net operating income (loss)		(33,393)	(37,468)	[7]	(96,700)	(104,727)	[9]
Net realized gains on investments		0	0	[7]	0	0	[9]
Change in net unrealized gains on investments		353	0	[7]	(71)	0	[9]
Income from investment affiliate		0	0	[7]	0	0	[9]
Foreign exchange gains (losses)		1,792	1,780	[7]	2,496	724	[9]
Other loss		0	0	[7]	0	0	[9]
Transaction expenses			(149)	[3],[7]		(3,401)	[4]
Net (loss) income		(31,248)	(35,837)	[7]	(94,275)	(107,404)	[9]
Net loss (income) attributable to noncontrolling interest		0	0	[7]	0	0	[9]
Net income (loss) available (attributable) to Validus		(31,248)	(35,837)	[7]	(94,275)	(107,404)	[9]
Selected ratios:
Total assets		$ 81,966	$ 749,678	[7]	$ 81,966	$ 749,678	[7]
[1]	Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was amortized to income through a reduction in losses and loss expenses of $2,524 and $8,639 during the three and nine months ended September 30, 2015, respectively. The remaining fair value adjustment of $2,340 will be amortized during the remainder of 2015.
[2]	Includes the net realized (losses) gains and change in net unrealized (losses) gains on investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and is included in the Consolidated Statements of Comprehensive Income as net loss (income) attributable to noncontrolling interest.
[3]	The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Western World results have not been included in the Company's consolidated results for the three months ended September 30, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.
[4]	The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Western World results have not been included in the Company's consolidated results for the nine months ended September 30, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.
[5]	Ratios are based on net premiums earned.
[6]	The general and administrative expense ratio includes share compensation expenses.
[7]	Beginning in the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $517 for the three months ended September 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis.
[8]	During the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written for the Validus Re segment and Corporate & Eliminations were reduced by $517 and $22,353 for the three and nine months ended September 30, 2014, respectively, for comparative purposes. There was no impact to total gross premiums written on a consolidated basis
[9]	Beginning in the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $22,353 for the nine months ended September 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis.

Segment information (Segment ge

Segment information (Segment geographic) (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014		Sep. 30, 2015	Sep. 30, 2014
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 401,681	$ 358,974		$ 2,248,147	$ 2,026,639
Percent of gross premiums written		100.00%	100.00%		100.00%	100.00%
United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 130,654	$ 46,966		$ 881,374	$ 558,396
Percent of gross premiums written		32.50%	13.10%		39.20%	27.50%
Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	$ 36,091	$ 39,365		$ 155,576	$ 186,658
Percent of gross premiums written	[1]	9.00%	10.90%		6.90%	9.20%
Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 3,908	$ 3,783		$ 18,962	$ 28,268
Percent of gross premiums written		1.00%	1.10%		0.80%	1.40%
Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 13,925	$ 18,381		$ 80,425	$ 92,842
Percent of gross premiums written		3.50%	5.10%		3.60%	4.60%
Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 42,303	$ 36,866		$ 102,807	$ 103,860
Percent of gross premiums written		10.50%	10.30%		4.60%	5.10%
Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 1,055	$ 2,886		$ 45,449	$ 44,365
Percent of gross premiums written		0.30%	0.80%		2.00%	2.20%
Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 1,668	$ 2,538		$ 8,811	$ 11,407
Percent of gross premiums written		0.40%	0.70%		0.40%	0.60%
Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	$ 30,502	$ 27,599		$ 97,628	$ 90,945
Percent of gross premiums written	[2]	7.60%	7.70%		4.30%	4.50%
Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 129,452	$ 131,418		$ 509,658	$ 558,345
Percent of gross premiums written		32.30%	36.60%		22.60%	27.60%
Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	$ 30,709	$ 51,275		$ 304,667	$ 319,854
Percent of gross premiums written	[1]	7.60%	14.30%		13.60%	15.80%
Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	$ 110,866	$ 129,315		$ 552,448	$ 590,044
Percent of gross premiums written	[3]	27.60%	36.00%		24.60%	29.10%
Operating Segments | Validus Re
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 102,913	$ 114,380	[4],[5]	$ 1,111,020	$ 1,081,816	[5],[6]
Operating Segments | Validus Re | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		34,578	27,394	[5]	544,239	444,325	[5]
Operating Segments | Validus Re | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	5,409	9,167	[5]	52,808	74,516	[5]
Operating Segments | Validus Re | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		480	494	[5]	12,002	19,879	[5]
Operating Segments | Validus Re | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		6,142	7,540	[5]	47,018	54,263	[5]
Operating Segments | Validus Re | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		18,771	15,394	[5]	34,086	35,965	[5]
Operating Segments | Validus Re | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	1,635	[5]	39,191	40,456	[5]
Operating Segments | Validus Re | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		319	179	[5]	3,117	3,174	[5]
Operating Segments | Validus Re | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	2,621	(138)	[5]	24,615	22,541	[5]
Operating Segments | Validus Re | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		33,742	34,271	[5]	212,837	250,794	[5]
Operating Segments | Validus Re | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	8,057	22,647	[5]	131,405	161,366	[5]
Operating Segments | Validus Re | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	26,536	30,068	[5]	222,539	225,331	[5]
Operating Segments | AlphaCat
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		9,448	6,936		176,129	135,073
Operating Segments | AlphaCat | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		3,615	2,206		42,200	31,160
Operating Segments | AlphaCat | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	100	(81)		8,057	7,331
Operating Segments | AlphaCat | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	0		624	1,019
Operating Segments | AlphaCat | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		22	312		2,863	3,005
Operating Segments | AlphaCat | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	0		0	0
Operating Segments | AlphaCat | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	22		1,671	608
Operating Segments | AlphaCat | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(30)	0		458	215
Operating Segments | AlphaCat | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	0	0		0	0
Operating Segments | AlphaCat | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		92	253		13,673	12,178
Operating Segments | AlphaCat | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	4,949	4,477		115,414	91,735
Operating Segments | AlphaCat | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	792	0		4,842	0
Operating Segments | Talbot Segment
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		226,025	245,685		789,148	854,324
Operating Segments | Talbot Segment | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		21,886	17,003		89,980	85,465
Operating Segments | Talbot Segment | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	30,721	29,781		95,894	105,397
Operating Segments | Talbot Segment | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		3,520	3,312		6,569	7,615
Operating Segments | Talbot Segment | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		7,839	9,821		31,637	36,110
Operating Segments | Talbot Segment | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		27,249	24,740		78,634	86,111
Operating Segments | Talbot Segment | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		1,149	1,274		4,746	3,404
Operating Segments | Talbot Segment | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		1,455	2,430		5,452	8,325
Operating Segments | Talbot Segment | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	28,380	27,145		76,368	70,702
Operating Segments | Talbot Segment | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		100,313	98,503		299,300	317,664
Operating Segments | Talbot Segment | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	20,296	18,611		74,794	71,147
Operating Segments | Talbot Segment | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	83,530	111,568		325,074	380,048
Operating Segments | Western World
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		70,871			207,372
Operating Segments | Western World | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		70,871			207,372
Operating Segments | Western World | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	0			0
Operating Segments | Western World | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0			0
Operating Segments | Western World | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0			0
Operating Segments | Western World | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0			0
Operating Segments | Western World | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0			0
Operating Segments | Western World | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0			0
Operating Segments | Western World | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	0			0
Operating Segments | Western World | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0			0
Operating Segments | Western World | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	0			0
Operating Segments | Western World | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	0			0
Corporate And Eliminations
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(7,576)	(8,027)	[4],[5]	(35,522)	(44,574)	[5],[6]
Corporate And Eliminations | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(296)	363	[5]	(2,417)	(2,554)	[5]
Corporate And Eliminations | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	(139)	498	[5]	(1,183)	(586)	[5]
Corporate And Eliminations | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(92)	(23)	[5]	(233)	(245)	[5]
Corporate And Eliminations | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(78)	708	[5]	(1,093)	(536)	[5]
Corporate And Eliminations | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(3,717)	(3,268)	[5]	(9,913)	(18,216)	[5]
Corporate And Eliminations | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(94)	(45)	[5]	(159)	(103)	[5]
Corporate And Eliminations | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(76)	(71)	[5]	(216)	(307)	[5]
Corporate And Eliminations | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	(499)	592	[5]	(3,355)	(2,298)	[5]
Corporate And Eliminations | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(4,695)	(1,609)	[5]	(16,152)	(22,291)	[5]
Corporate And Eliminations | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	(2,593)	5,540	[5]	(16,946)	(4,394)	[5]
Corporate And Eliminations | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	$ 8	$ (12,321)	[5]	$ (7)	$ (15,335)	[5]
[1]	Represents risks in two or more geographic zones
[2]	Represents risks in one geographic zone
[3]	The Other locations non-specific category refers to business for which an analysis of exposure by geographic zone is not applicable, such as marine and aerospace risks, since these exposures can span multiple geographic areas and, in some instances, are not fixed locations
[4]	Beginning in the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $517 for the three months ended September 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis.
[5]	During the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written for the Validus Re segment and Corporate & Eliminations were reduced by $517 and $22,353 for the three and nine months ended September 30, 2014, respectively, for comparative purposes. There was no impact to total gross premiums written on a consolidated basis
[6]	Beginning in the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $22,353 for the nine months ended September 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis.

Segment information (Narrative)

Segment information (Narrative) (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014USD ($)	Sep. 30, 2015segments	Sep. 30, 2014USD ($)
Segment Reporting [Abstract]
Number of operating segments | segments		4
Reduction to gross premiums written
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reclassification adjustment	$ (517)		$ (22,353)

Condensed consolidating finan88

Condensed consolidating financial information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands		Sep. 30, 2015		Jun. 30, 2015	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets
Fixed maturities, at fair value		$ 5,578,856			$ 5,532,731
Short-term investments, at fair value		1,661,687	[1]		1,051,074	[2]
Other investments, at fair value		817,374			813,011
Cash and cash equivalents		408,485			577,240		$ 563,989		$ 734,148
Restricted cash		74,002			173,003
Total investments and cash		8,540,404			8,147,059
Investments in affiliates		347,962			261,483
Investment in subsidiaries on an equity basis		0			0
Premiums receivable		1,062,654			707,647
Deferred acquisition costs		225,065			161,295
Prepaid reinsurance premiums		125,547			81,983
Securities lending collateral		6,461			470
Loss reserves recoverable		385,212		$ 376,665	377,466		298,502	$ 338,734	370,154
Paid losses recoverable		21,681			38,078
Income taxes recoverable		15,870			0
Deferred tax asset		22,352			23,821
Receivable for investments sold		15,055			18,318
Intangible assets		122,676			126,924
Goodwill		196,758			195,897
Accrued investment income		23,755			24,865
Intercompany receivable		0			0
Other assets		124,511			164,633
Total assets		11,235,963			10,329,939		10,079,136
Liabilities
Reserve for losses and loss expenses		3,169,334		$ 3,187,177	3,234,394		2,752,168	$ 2,867,307	$ 3,030,399
Unearned premiums		1,281,319			990,564
Reinsurance balances payable		90,838			127,128
Securities lending payable		6,927			936
Deferred tax liability		8,921			5,541
Payable for investments purchased		118,164			68,574
Accounts payable and accrued expenses		248,834			318,245
Intercompany payable		0			0
Notes payable to AlphaCat investors		1,443,198			671,465
Senior notes payable		247,387			247,306
Debentures payable		538,054			539,277
Total liabilities		7,152,976			6,203,430
Redeemable noncontrolling interest		0			79,956
Total shareholders' equity available to Validus		3,644,560			3,587,958		3,702,410
Noncontrolling interest		438,427			458,595		$ 522,287
Total liabilities, noncontrolling interests and shareholders’ equity		11,235,963			10,329,939
Consolidation Adjustments
Assets
Fixed maturities, at fair value	[3]	(60,200)			(60,200)
Short-term investments, at fair value	[3]	0			0
Other investments, at fair value	[3]	(73,864)			(68,112)
Cash and cash equivalents	[3]	0			0
Restricted cash	[3]	0			0
Total investments and cash	[3]	(134,064)			(128,312)
Investments in affiliates	[3]	0			0
Investment in subsidiaries on an equity basis	[3]	(4,870,437)			(4,797,508)
Premiums receivable	[3]	0			0
Deferred acquisition costs	[3]	0			0
Prepaid reinsurance premiums	[3]	0			0
Securities lending collateral	[3]	0			0
Loss reserves recoverable	[3]	0			0
Paid losses recoverable	[3]	0			0
Income taxes recoverable	[3]	0
Deferred tax asset	[3]	0			0
Receivable for investments sold	[3]	0			0
Intangible assets	[3]	0			0
Goodwill	[3]	0			0
Accrued investment income	[3]	0			0
Intercompany receivable	[3]	(45,428)			(41,098)
Other assets	[3]	0			0
Total assets	[3]	(5,049,929)			(4,966,918)
Liabilities
Reserve for losses and loss expenses	[3]	0			0
Unearned premiums	[3]	0			0
Reinsurance balances payable	[3]	0			0
Securities lending payable	[3]	0			0
Deferred tax liability	[3]	0			0
Payable for investments purchased	[3]	0			0
Accounts payable and accrued expenses	[3]	0			0
Intercompany payable	[3]	(45,428)			(41,098)
Notes payable to AlphaCat investors	[3]	0			0
Senior notes payable	[3]	0			0
Debentures payable	[3]	(60,200)			(60,200)
Total liabilities	[3]	(105,628)			(101,298)
Redeemable noncontrolling interest	[3]				0
Total shareholders' equity available to Validus	[3]	(4,944,301)			(4,865,620)
Noncontrolling interest	[3]	0			0
Total liabilities, noncontrolling interests and shareholders’ equity	[3]	(5,049,929)			(4,966,918)
Validus Holdings, Ltd. (Parent Guarantor)
Assets
Fixed maturities, at fair value		28,757			0
Short-term investments, at fair value		0			0
Other investments, at fair value		0			0
Cash and cash equivalents		10,789			29,798
Restricted cash		0			0
Total investments and cash		39,546			29,798
Investments in affiliates		0			0
Investment in subsidiaries on an equity basis		4,173,423			4,140,770
Premiums receivable		0			0
Deferred acquisition costs		0			0
Prepaid reinsurance premiums		0			0
Securities lending collateral		0			0
Loss reserves recoverable		0			0
Paid losses recoverable		0			0
Income taxes recoverable		0
Deferred tax asset		0			0
Receivable for investments sold		0			0
Intangible assets		0			0
Goodwill		0			0
Accrued investment income		115			0
Intercompany receivable		45,270			41,078
Other assets		3,294			3,239
Total assets		4,261,648			4,214,885
Liabilities
Reserve for losses and loss expenses		0			0
Unearned premiums		0			0
Reinsurance balances payable		0			0
Securities lending payable		0			0
Deferred tax liability		0			0
Payable for investments purchased		0			0
Accounts payable and accrued expenses		19,701			29,621
Intercompany payable		0			0
Notes payable to AlphaCat investors		0			0
Senior notes payable		247,387			247,306
Debentures payable		350,000			350,000
Total liabilities		617,088			626,927
Redeemable noncontrolling interest					0
Total shareholders' equity available to Validus		3,644,560			3,587,958
Noncontrolling interest		0			0
Total liabilities, noncontrolling interests and shareholders’ equity		4,261,648			4,214,885
Validus Holdings (UK) plc (Subsidiary Issuer)
Assets
Fixed maturities, at fair value		0			0
Short-term investments, at fair value		0			0
Other investments, at fair value		0			0
Cash and cash equivalents		20			81
Restricted cash		0			0
Total investments and cash		20			81
Investments in affiliates		0			0
Investment in subsidiaries on an equity basis		697,014			656,738
Premiums receivable		0			0
Deferred acquisition costs		0			0
Prepaid reinsurance premiums		0			0
Securities lending collateral		0			0
Loss reserves recoverable		0			0
Paid losses recoverable		0			0
Income taxes recoverable		0
Deferred tax asset		0			0
Receivable for investments sold		0			0
Intangible assets		0			0
Goodwill		0			0
Accrued investment income		0			0
Intercompany receivable		0			0
Other assets		0			0
Total assets		697,034			656,819
Liabilities
Reserve for losses and loss expenses		0			0
Unearned premiums		0			0
Reinsurance balances payable		0			0
Securities lending payable		0			0
Deferred tax liability		0			0
Payable for investments purchased		0			0
Accounts payable and accrued expenses		0			96
Intercompany payable		158			20
Notes payable to AlphaCat investors		0			0
Senior notes payable		0			0
Debentures payable		0			0
Total liabilities		158			116
Redeemable noncontrolling interest					0
Total shareholders' equity available to Validus		696,876			656,703
Noncontrolling interest		0			0
Total liabilities, noncontrolling interests and shareholders’ equity		697,034			656,819
Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries)
Assets
Fixed maturities, at fair value	[4]	5,610,299			5,592,931
Short-term investments, at fair value	[4]	1,661,687			1,051,074
Other investments, at fair value	[4]	891,238			881,123
Cash and cash equivalents	[4]	397,676			547,361
Restricted cash	[4]	74,002			173,003
Total investments and cash	[4]	8,634,902			8,245,492
Investments in affiliates	[4]	347,962			261,483
Investment in subsidiaries on an equity basis	[4]	0			0
Premiums receivable	[4]	1,062,654			707,647
Deferred acquisition costs	[4]	225,065			161,295
Prepaid reinsurance premiums	[4]	125,547			81,983
Securities lending collateral	[4]	6,461			470
Loss reserves recoverable	[4]	385,212			377,466
Paid losses recoverable	[4]	21,681			38,078
Income taxes recoverable	[4]	15,870
Deferred tax asset	[4]	22,352			23,821
Receivable for investments sold	[4]	15,055			18,318
Intangible assets	[4]	122,676			126,924
Goodwill	[4]	196,758			195,897
Accrued investment income	[4]	23,640			24,865
Intercompany receivable	[4]	158			20
Other assets	[4]	121,217			161,394
Total assets	[4]	11,327,210			10,425,153
Liabilities
Reserve for losses and loss expenses	[4]	3,169,334			3,234,394
Unearned premiums	[4]	1,281,319			990,564
Reinsurance balances payable	[4]	90,838			127,128
Securities lending payable	[4]	6,927			936
Deferred tax liability	[4]	8,921			5,541
Payable for investments purchased	[4]	118,164			68,574
Accounts payable and accrued expenses	[4]	229,133			288,528
Intercompany payable	[4]	45,270			41,078
Notes payable to AlphaCat investors	[4]	1,443,198			671,465
Senior notes payable	[4]	0			0
Debentures payable	[4]	248,254			249,477
Total liabilities	[4]	6,641,358			5,677,685
Redeemable noncontrolling interest	[4]				79,956
Total shareholders' equity available to Validus	[4]	4,247,425			4,208,917
Noncontrolling interest	[4]	438,427			458,595
Total liabilities, noncontrolling interests and shareholders’ equity	[4]	$ 11,327,210			$ 10,425,153
[1]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions.
[2]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest.
[3]	Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.
[4]	Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries.

Condensed consolidating finan89

Condensed consolidating financial information - Condensed Consolidating Statement of Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014		Sep. 30, 2015	Sep. 30, 2014
Revenues
Net premiums earned		$ 555,459	$ 494,696		$ 1,706,795	$ 1,443,656
Net investment income		31,524	25,261		96,153	69,909
Net realized gains on investments		(41,906)	4,595		(35,493)	16,193
Change in net unrealized (losses) gains on investments	[1]	(34,908)	(84,974)		19,766	16,146
Income from investment affiliate		2,482	1,754		5,542	7,881
Other insurance related income and other (loss)		8,187	(4,080)		15,559	14,985
Foreign exchange gains (losses)		(2,274)	(11,441)		(9,061)	(14,761)
Total revenues		518,564	425,811		1,799,261	1,554,009
Expenses
Losses and loss expenses	[2]	258,258	224,125		765,333	545,541
Policy acquisition costs		105,091	86,404		308,152	251,006
General and administrative expenses		95,999	83,319		263,990	231,606
Share compensation expenses		9,983	8,764		28,279	24,252
Finance expenses		17,498	15,354		55,085	47,380
Transaction expenses		0	149	[3]	0	3,401	[4]
Total expenses		486,829	418,115		1,420,839	1,103,186
(Loss) income before taxes, income from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries		31,735	7,696		378,422	450,823
Tax (expense) benefit		(2,018)	953		(7,132)	(398)
Income from operating affiliates		5,526	3,761		12,083	13,580
(Income) attributable to AlphaCat investors		(40,256)	(25,807)		(94,341)	(82,833)
Equity in net earnings of subsidiaries		0	0		0	0
Net (loss) income		(5,013)	(13,397)		289,032	381,172
Net loss (income) attributable to noncontrolling interest		71,663	53,069		15,042	(25,745)
Net income available to Validus		66,650	39,672		304,074	355,427
Other comprehensive (loss)		(1,803)	(5,198)		(2,313)	(2,121)
Comprehensive income (loss) available (attributable) to Validus		64,847	34,474		301,761	353,306
Consolidation Adjustments
Revenues
Net premiums earned	[5]	0	0		0	0
Net investment income	[5]	(1,024)	(981)		(3,044)	(2,929)
Net realized gains on investments	[5]	0	0		0	0
Change in net unrealized (losses) gains on investments	[5]	(1,770)	(1,475)		(5,752)	1,885
Income from investment affiliate	[5]	0	0		0	0
Other insurance related income and other (loss)	[5]	(14,132)	(17,241)		(45,869)	(51,645)
Foreign exchange gains (losses)	[5]	0	0		0	0
Total revenues	[5]	(16,926)	(19,697)		(54,665)	(52,689)
Expenses
Losses and loss expenses	[5]	0	0		0	0
Policy acquisition costs	[5]	0	0		0	0
General and administrative expenses	[5]	(14,132)	(17,241)		(45,869)	(51,645)
Share compensation expenses	[5]	0	0		0	0
Finance expenses	[5]	(500)	(489)		(1,471)	(1,454)
Transaction expenses	[5]		0			0
Total expenses	[5]	(14,632)	(17,730)		(47,340)	(53,099)
(Loss) income before taxes, income from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries	[5]	(2,294)	(1,967)		(7,325)	410
Tax (expense) benefit	[5]	0	0		0	0
Income from operating affiliates	[5]	0	0		0	0
(Income) attributable to AlphaCat investors	[5]	0	0		0	0
Equity in net earnings of subsidiaries	[5]	56,867	(73,874)		(266,913)	(459,584)
Net (loss) income	[5]	54,573	(75,841)		(274,238)	(459,174)
Net loss (income) attributable to noncontrolling interest	[5]	0	0		0	0
Net income available to Validus	[5]	54,573	(75,841)		(274,238)	(459,174)
Other comprehensive (loss)	[5]	1,878	5,198		1,977	2,121
Comprehensive income (loss) available (attributable) to Validus	[5]	56,451	(70,643)		(272,261)	(457,053)
Validus Holdings, Ltd. (Parent Guarantor)
Revenues
Net premiums earned		0	0		0	0
Net investment income		86	4		230	11
Net realized gains on investments		0	0		0	0
Change in net unrealized (losses) gains on investments		353	0		(71)	0
Income from investment affiliate		0	0		0	0
Other insurance related income and other (loss)		0	0		0	0
Foreign exchange gains (losses)		562	819		325	106
Total revenues		1,001	823		484	117
Expenses
Losses and loss expenses		0	0		0	0
Policy acquisition costs		0	0		0	0
General and administrative expenses		19,526	22,347		55,933	66,425
Share compensation expenses		1,834	1,650		5,385	4,769
Finance expenses		11,985	11,979		35,757	35,697
Transaction expenses			0			0
Total expenses		33,345	35,976		97,075	106,891
(Loss) income before taxes, income from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries		(32,344)	(35,153)		(96,591)	(106,774)
Tax (expense) benefit		0	0		0	0
Income from operating affiliates		0	0		0	0
(Income) attributable to AlphaCat investors		0	0		0	0
Equity in net earnings of subsidiaries		98,994	74,825		400,665	462,201
Net (loss) income		66,650	39,672		304,074	355,427
Net loss (income) attributable to noncontrolling interest		0	0		0	0
Net income available to Validus		66,650	39,672		304,074	355,427
Other comprehensive (loss)		(1,803)	(5,198)		(2,313)	(2,121)
Comprehensive income (loss) available (attributable) to Validus		64,847	34,474		301,761	353,306
Validus Holdings (UK) plc (Subsidiary Issuer)
Revenues
Net premiums earned		0	0		0	0
Net investment income		0	0		0	0
Net realized gains on investments		0	0		0	0
Change in net unrealized (losses) gains on investments		0	0		0	0
Income from investment affiliate		0	0		0	0
Other insurance related income and other (loss)		0	0		0	0
Foreign exchange gains (losses)		0	1		(1)	1
Total revenues		0	1		(1)	1
Expenses
Losses and loss expenses		0	0		0	0
Policy acquisition costs		0	0		0	0
General and administrative expenses		0	0		2	21
Share compensation expenses		0	0		0	0
Finance expenses		0	0		0	0
Transaction expenses			0			0
Total expenses		0	0		2	21
(Loss) income before taxes, income from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries		0	1		(3)	(20)
Tax (expense) benefit		0	0		0	0
Income from operating affiliates		0	0		0	0
(Income) attributable to AlphaCat investors		0	0		0	0
Equity in net earnings of subsidiaries		14,139	(951)		36,248	(2,617)
Net (loss) income		14,139	(950)		36,245	(2,637)
Net loss (income) attributable to noncontrolling interest		0	0		0	0
Net income available to Validus		14,139	(950)		36,245	(2,637)
Other comprehensive (loss)		0	0		0	0
Comprehensive income (loss) available (attributable) to Validus		14,139	(950)		36,245	(2,637)
Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries)
Revenues
Net premiums earned	[6]	555,459	494,696		1,706,795	1,443,656
Net investment income	[6]	32,462	26,238		98,967	72,827
Net realized gains on investments	[6]	(41,906)	4,595		(35,493)	16,193
Change in net unrealized (losses) gains on investments	[6]	(33,491)	(83,499)		25,589	14,261
Income from investment affiliate	[6]	2,482	1,754		5,542	7,881
Other insurance related income and other (loss)	[6]	22,319	13,161		61,428	66,630
Foreign exchange gains (losses)	[6]	(2,836)	(12,261)		(9,385)	(14,868)
Total revenues	[6]	534,489	444,684		1,853,443	1,606,580
Expenses
Losses and loss expenses	[6]	258,258	224,125		765,333	545,541
Policy acquisition costs	[6]	105,091	86,404		308,152	251,006
General and administrative expenses	[6]	90,605	78,213		253,924	216,805
Share compensation expenses	[6]	8,149	7,114		22,894	19,483
Finance expenses	[6]	6,013	3,864		20,799	13,137
Transaction expenses	[6]		149			3,401
Total expenses	[6]	468,116	399,869		1,371,102	1,049,373
(Loss) income before taxes, income from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries	[6]	66,373	44,815		482,341	557,207
Tax (expense) benefit	[6]	2,018	953		7,132	(398)
Income from operating affiliates	[6]	5,526	3,761		12,083	13,580
(Income) attributable to AlphaCat investors	[6]	(40,256)	(25,807)		(94,341)	(82,833)
Equity in net earnings of subsidiaries	[6]	(170,000)	0		(170,000)	0
Net (loss) income	[6]	(140,375)	23,722		222,951	487,556
Net loss (income) attributable to noncontrolling interest	[6]	71,663	53,069		15,042	(25,745)
Net income available to Validus	[6]	(68,712)	76,791		237,993	461,811
Other comprehensive (loss)	[6]	(1,878)	(5,198)		(1,977)	(2,121)
Comprehensive income (loss) available (attributable) to Validus	[6]	$ (70,590)	$ 71,593		$ 236,016	$ 459,690
[1]	Includes the net realized (losses) gains and change in net unrealized (losses) gains on investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and is included in the Consolidated Statements of Comprehensive Income as net loss (income) attributable to noncontrolling interest.
[2]	Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was amortized to income through a reduction in losses and loss expenses of $2,524 and $8,639 during the three and nine months ended September 30, 2015, respectively. The remaining fair value adjustment of $2,340 will be amortized during the remainder of 2015.
[3]	The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Western World results have not been included in the Company's consolidated results for the three months ended September 30, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.
[4]	The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Western World results have not been included in the Company's consolidated results for the nine months ended September 30, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.
[5]	Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.
[6]	Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries.

Condensed consolidating finan90

Condensed consolidating financial information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		$ 51,878		$ 148,851
Cash flows provided by (used in) investing activities
Proceeds on sales of investments		2,888,919		3,585,728
Proceeds on maturities of investments		260,179		466,872
Purchases of fixed maturities		(3,164,787)		(3,160,512)
Purchases of short-term investments, net		(639,211)		(933,148)
Purchases of other investments, net		(26,648)		(47,752)
Increase in securities lending collateral		(5,991)		(5,664)
Redemption from operating affiliates		57,402		58,547
Decrease (increase) in restricted cash		99,001		(7,856)
Proceeds on sale of subsidiary, net of cash		0		16,459
Return of capital from subsidiaries		0		0
Net cash provided by (used in) investing activities		(560,622)		(27,326)
Cash flows provided by (used in) financing activities
Proceeds on issuance of notes payable to AlphaCat investors		1,307,789		645,243
Repayments on notes payable to operating affiliates		(709,059)		(602,068)
Issuance (redemption) of common shares, net		16,735		(3,689)
Purchases of common shares under share repurchase program		(203,917)		(286,526)
Dividends paid		(86,423)		(89,719)
Increase in securities lending payable		5,991		5,664
Third party investment in redeemable noncontrolling interest		55,700		61,200
Third party redemption of redeemable noncontrolling interest		(19,395)		(10,496)
Return of capital to parent		0		0
Net cash provided by (used in) financing activities		367,421		(280,391)
Effect of foreign currency rate changes on cash and cash equivalents		(27,432)		(11,293)
Net (decrease) increase in cash		(168,755)		(170,159)
Cash and cash equivalents, beginning of year		577,240		734,148
Cash and cash equivalents, end of year		408,485		563,989
Operating affiliates
Cash flows provided by (used in) investing activities
Investments in affiliates		(10,400)		0
Investment affiliate
Cash flows provided by (used in) investing activities
Investments in affiliates		(19,086)		0
Consolidation Adjustments
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	[1]	(85,000)		(100,000)
Cash flows provided by (used in) investing activities
Proceeds on sales of investments	[1]	0		0
Proceeds on maturities of investments	[1]	0		0
Purchases of fixed maturities	[1]	0		0
Purchases of short-term investments, net	[1]	0		0
Purchases of other investments, net	[1]	0		0
Increase in securities lending collateral	[1]	0		0
Redemption from operating affiliates	[1]	0		0
Decrease (increase) in restricted cash	[1]	0		0
Proceeds on sale of subsidiary, net of cash	[1]			0
Return of capital from subsidiaries		(305,000)	[1]	(373,966)
Net cash provided by (used in) investing activities	[1]	(305,000)		(373,966)
Cash flows provided by (used in) financing activities
Proceeds on issuance of notes payable to AlphaCat investors	[1]	0		0
Repayments on notes payable to operating affiliates	[1]	0		0
Issuance (redemption) of common shares, net	[1]	0		0
Purchases of common shares under share repurchase program	[1]	0		0
Dividends paid	[1]	85,000		100,000
Increase in securities lending payable	[1]	0		0
Third party investment in redeemable noncontrolling interest	[1]	0		0
Third party redemption of redeemable noncontrolling interest	[1]	0		0
Return of capital to parent		305,000	[1]	373,966
Net cash provided by (used in) financing activities	[1]	390,000		473,966
Effect of foreign currency rate changes on cash and cash equivalents	[1]	0		0
Net (decrease) increase in cash	[1]	0		0
Cash and cash equivalents, beginning of year	[1]	0		0
Cash and cash equivalents, end of year	[1]	0		0
Consolidation Adjustments | Operating affiliates
Cash flows provided by (used in) investing activities
Investments in affiliates	[1]	0
Consolidation Adjustments | Investment affiliate
Cash flows provided by (used in) investing activities
Investments in affiliates	[1]	0
Validus Holdings, Ltd. (Parent Guarantor)
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		(21,503)		12,557
Cash flows provided by (used in) investing activities
Proceeds on sales of investments		0		0
Proceeds on maturities of investments		0		0
Purchases of fixed maturities		(28,901)		0
Purchases of short-term investments, net		0		0
Purchases of other investments, net		0		0
Increase in securities lending collateral		0		0
Redemption from operating affiliates		0		0
Decrease (increase) in restricted cash		0		0
Proceeds on sale of subsidiary, net of cash				0
Return of capital from subsidiaries		305,000		373,966
Net cash provided by (used in) investing activities		276,099		373,966
Cash flows provided by (used in) financing activities
Proceeds on issuance of notes payable to AlphaCat investors		0		0
Repayments on notes payable to operating affiliates		0		0
Issuance (redemption) of common shares, net		16,735		(3,689)
Purchases of common shares under share repurchase program		(203,917)		(286,526)
Dividends paid		(86,423)		(89,719)
Increase in securities lending payable		0		0
Third party investment in redeemable noncontrolling interest		0		0
Third party redemption of redeemable noncontrolling interest		0		0
Return of capital to parent		0		0
Net cash provided by (used in) financing activities		(273,605)		(379,934)
Effect of foreign currency rate changes on cash and cash equivalents		0		0
Net (decrease) increase in cash		(19,009)		6,589
Cash and cash equivalents, beginning of year		29,798		20,385
Cash and cash equivalents, end of year		10,789		26,974
Validus Holdings, Ltd. (Parent Guarantor) | Operating affiliates
Cash flows provided by (used in) investing activities
Investments in affiliates		0
Validus Holdings, Ltd. (Parent Guarantor) | Investment affiliate
Cash flows provided by (used in) investing activities
Investments in affiliates		0
Validus Holdings (UK) plc (Subsidiary Issuer)
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		(61)		0
Cash flows provided by (used in) investing activities
Proceeds on sales of investments		0		0
Proceeds on maturities of investments		0		0
Purchases of fixed maturities		0		0
Purchases of short-term investments, net		0		0
Purchases of other investments, net		0		0
Increase in securities lending collateral		0		0
Redemption from operating affiliates		0		0
Decrease (increase) in restricted cash		0		0
Proceeds on sale of subsidiary, net of cash				0
Return of capital from subsidiaries		0		0
Net cash provided by (used in) investing activities		0		0
Cash flows provided by (used in) financing activities
Proceeds on issuance of notes payable to AlphaCat investors		0		0
Repayments on notes payable to operating affiliates		0		0
Issuance (redemption) of common shares, net		0		0
Purchases of common shares under share repurchase program		0		0
Dividends paid		0		0
Increase in securities lending payable		0		0
Third party investment in redeemable noncontrolling interest		0		0
Third party redemption of redeemable noncontrolling interest		0		0
Return of capital to parent		0		0
Net cash provided by (used in) financing activities		0		0
Effect of foreign currency rate changes on cash and cash equivalents		0		0
Net (decrease) increase in cash		(61)		0
Cash and cash equivalents, beginning of year		81		0
Cash and cash equivalents, end of year		20		0
Validus Holdings (UK) plc (Subsidiary Issuer) | Operating affiliates
Cash flows provided by (used in) investing activities
Investments in affiliates		0
Validus Holdings (UK) plc (Subsidiary Issuer) | Investment affiliate
Cash flows provided by (used in) investing activities
Investments in affiliates		0
Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries)
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	[2]	158,442		236,294
Cash flows provided by (used in) investing activities
Proceeds on sales of investments	[2]	2,888,919		3,585,728
Proceeds on maturities of investments	[2]	260,179		466,872
Purchases of fixed maturities	[2]	(3,135,886)		(3,160,512)
Purchases of short-term investments, net	[2]	(639,211)		(933,148)
Purchases of other investments, net	[2]	(26,648)		(47,752)
Increase in securities lending collateral	[2]	(5,991)		(5,664)
Redemption from operating affiliates	[2]	57,402		58,547
Decrease (increase) in restricted cash	[2]	99,001		(7,856)
Proceeds on sale of subsidiary, net of cash	[2]			16,459
Return of capital from subsidiaries		0	[2]	0
Net cash provided by (used in) investing activities	[2]	(531,721)		(27,326)
Cash flows provided by (used in) financing activities
Proceeds on issuance of notes payable to AlphaCat investors	[2]	1,307,789		645,243
Repayments on notes payable to operating affiliates	[2]	(709,059)		(602,068)
Issuance (redemption) of common shares, net	[2]	0		0
Purchases of common shares under share repurchase program	[2]	0		0
Dividends paid	[2]	(85,000)		(100,000)
Increase in securities lending payable	[2]	5,991		5,664
Third party investment in redeemable noncontrolling interest	[2]	55,700		61,200
Third party redemption of redeemable noncontrolling interest	[2]	(19,395)		(10,496)
Return of capital to parent		(305,000)	[2]	(373,966)
Net cash provided by (used in) financing activities	[2]	251,026		(374,423)
Effect of foreign currency rate changes on cash and cash equivalents	[2]	(27,432)		(11,293)
Net (decrease) increase in cash	[2]	(149,685)		(176,748)
Cash and cash equivalents, beginning of year	[2]	547,361		713,763
Cash and cash equivalents, end of year	[2]	397,676		$ 537,015
Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) | Operating affiliates
Cash flows provided by (used in) investing activities
Investments in affiliates	[2]	(10,400)
Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) | Investment affiliate
Cash flows provided by (used in) investing activities
Investments in affiliates	[2]	$ (19,086)
[1]	Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.
[2]	Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries.

Subsequent events (Details)

Subsequent events (Details) - $ / shares	Nov. 04, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Subsequent Event [Line Items]
Cash dividends declared per share		$ 0.32			$ 0.3000			$ 0.96	$ 0.90
Common shares
Subsequent Event [Line Items]
Cash dividends declared per share		0.32	$ 0.32	$ 0.32	$ 0.30	$ 0.30	$ 0.30
Common share equivalents
Subsequent Event [Line Items]
Cash dividends declared per share		$ 0.32	$ 0.32	$ 0.32
Subsequent Event | Common shares
Subsequent Event [Line Items]
Cash dividends declared per share	$ 0.32
Subsequent Event | Common share equivalents
Subsequent Event [Line Items]
Cash dividends declared per share	$ 0.32